Bellwether Enterprise Real Estate Capital (BWE), a national mortgage banking company, closed the refinance of a newly-built assisted living/memory care community in Levittown, New York. Taylor Mokris and Ryan Stoll of BWE originated the $26.66 million loan through a regional bank on behalf of the borrower, a regional developer and owner of seniors and affordable housing.
Opened in November 2020, Village Green features both assisted living and memory care options. It was around 80% occupied at the time of the transaction. With the time to refinance approaching, the BWE Seniors Housing and Care team ran a competitive process to source multiple bank quotes on behalf of their client. The loan includes a three-year term with a 30-year amortization, as well as 24 months of interest-only payments and a sub-300 loan spread. BWE placed the loan with a top-40 regional bank with a national focus on seniors housing, which also helped establish a new strategic banking relationship for the client.
