BWE announced a new refinance just before Thanksgiving, closed on behalf of a joint venture between Renew REIT and Heritage Senior Living. The property in question is Keystone Villa at Douglassville, a 247-unit community in the Philadelphia MSA with independent living, assisted living and memory care services. The community opened in 2011 with 125 AL and MC units before a 122-unit IL portion was added in 2015. Occupancy was 92% at the time of closing, and the community operated well.
It received a $57.8 million loan from a national commercial bank, which was a new relationship for the borrower. The non-recourse loan also featured a competitive floating rate, prepayment flexibility and a full term of interest-only payments. BWE’s Ryan Stoll and Taylor Mokris arranged the financing.
BWE’s Seniors Housing and Care team also recently closed on an acquisition financing refinance for the recently renovated, 92%-occupied Blossom Vale Senior Living in Orangevale, California (Sacramento MSA). The five-year, competitive fixed-rate bank loan with flexible prepayment, had no deposit requirements but had an earn-out structure that allowed the borrower to enjoy the upside of the stabilizing operations and rent growth of the renovated units.
