BWE arranged a $76 million refinance on behalf of a joint venture between Harbert Management Company and Senior Resource Group for The Carlisle Naples, a Class-A senior living community in Naples, Florida. Ryan Stoll and Taylor Mokris facilitated the financing.
Built in 1998, The Carlisle features 257 independent living and 93 assisted living units on more than 18 acres and is operated by SRG. After acquiring the community in September 2021 for $101.5 million, or $290,000 per unit, when it was just 68% occupied, the joint venture completed an extensive capital improvement plan during the pandemic, driving both occupancy and rates post-renovation. The community is in a prime Naples location with robust seniors housing demand fundamentals, featuring over 90% IL occupancy and rate growth exceeding 10%.
BWE secured multiple quotes from banks and debt funds. The joint venture ultimately selected a non-recourse bridge loan with a five-year term, a competitive floating rate and full-term interest-only payments.
