BMO’s Healthcare Real Estate Finance group closed on a $57.8 million credit facility to a joint venture between ReNew REIT and Heritage Senior Living for the recapitalization of existing debt on Keystone Villa at Douglassville, a Class-A seniors housing community in Douglassville, Pennsylvania.
BWE’s Ryan Stoll and Taylor Mokris secured the loan 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.
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.
