Berkadia secured a large Freddie Mac refinance for a seniors housing community in Greensboro, North Carolina. The borrower, California-based KISCO Senior Living, acquired Abbotswood at Irving Park in 1996 (according to LevinPro LTC) when it was a 10-year-old, 149-unit independent living community. KISCO was known as Kisco Retirement Communities at the time, and now it owns and operates 20 senior living communities in six states, including six communities in North Carolina.. Over the years, it has grown to now include 173 units and a full spectrum of senior living options, including IL cottages, IL apartments, assisted living and memory care units. The 1996 purchase price was approximately $11.22 million, or $75,000 per unit.
Today, Berkadia’s Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld have secured $71.26 million in financing through Freddie Mac for the property. There was also a meaningful cash-out component.
