MidCap Financial announced the closing of a transaction with a joint venture between NexCore Group and an affiliate of Heitman LLC. The floating-rate first mortgage loan facilitated the recapitalization of six seniors housing communities totaling 821 independent living, assisted living and memory care units across the southeast. All of the communities are located in Florida.
The operator of the communities will be NexCore’s seniors housing development and management division, Experience Senior Living. MidCap Financial’s loan is structured to both facilitate the recapitalization of the communities and provide future funding to complete construction of one of the communities.
