BWE secured a refinance for Keystone Villa at Douglassville, a Class-A seniors housing community in Douglassville, Pennsylvania (Philadelphia suburb), that is owned by a joint venture between ReNew REIT and Heritage Senior Living. Originally built in 2011 as a 125-unit assisted living/memory care community before a 123-unit independent living building was added in 2015, the community was 92% occupied at the time of closing and was a strong operator. ReNew purchased the property from Capital Health Group in 2019 as part of a four-community portfolio.
BWE’s Ryan Stoll and Taylor Mokris secured the $57.8 million loan from a national commercial bank, featuring a non-recourse structure prepayment flexibility, a competitive rate and full term of interest-only payments. The transaction represents a new lending relationship for the borrower.
The deal comes on the heels of BWE’s acquisition financing arranged for the recently renovated, 92%-occupied Blossom Vale Senior Living in Orangevale, California (Sacramento area). The five-year, competitive fixed-rate bank loan with flexible prepayment, no deposit requirements, and an earn-out structure allowed the borrower to capitalize on the upside of the stabilizing operations and rent growth of the renovated units.
