BWE announced the closing of four financings totaling over $26 million to refinance, build and preserve four seniors and affordable housing properties in California, Massachusetts, Ohio and Florida.
First, Max Sauerman originated a loan on behalf of Goldrich and Kest, two privately owned, family-run real estate companies, for Palm Court Senior Independent Living. The community was built in 1991 and is in Culver City, California.
Next, Taylor Mokris and Ryan Stoll originated a five-year, $13.15 million fixed-rate, non-recourse Freddie Mac loan on behalf of an institutional owner for acquisition financing. The loan has a five-year term. Operated by Benchmark Senior Living, Branches of North Attleboro in North Attleboro, Massachusetts, is a 104-unit assisted living and memory care community.
Then, Bob Morton originated a $1.089 million USDA RHS 538 GRRHP loan to provide permanent financing for the construction of a 40-unit affordable seniors housing development. The loan has a 40-year fixed-rate term and a 40-year amortization period. The development is HOPE Senior Village in East Canton, Ohio, and consists of eight buildings, each containing one- and two-bedroom units. Of the 40 total units, seven are designated for residents earning up to 30% of the area median income, 17 units are designated for residents earning up to 50% of AMI, and 16 units are designated for residents earning up to 60% AMI. The project received additional financing through the use of 9% Low-Income Housing Tax Credits.
Lastly, Bob Morton and Jon Killough originated a $1.7 million USDA RHS 538 GRRHP loan to provide permanent financing for the preservation of a 50-unit existing rural development, Section 515 seniors housing property. The loan has a 40-year fixed-rate term and a 40-year amortization period. The community, Amelia Village in Vero Beach, Florida, features 20 one-bedroom and 30 two-bedroom units.
