Greystone provided $41 million in bridge financing to Oxford Capital Group for the acquisition of six assisted living communities totaling 372 beds in Minnesota. The financing was originated by Christopher Clare with assistance from David Young, Ryan Harkins, Ben Rubin, Parker Nielsen and Liam Gallagher. Greystone’s $41 million interest-only, non-recourse bridge loan carries a 24-month term with two six-month extension options. The acquisition financing for the properties in the Minneapolis area and northern Minnesota enabled the borrower to close the transaction and begin working with Greystone on securing permanent HUD financing.
In March, Oxford purchased 11 assisted living communities totaling 489 units from Carefree Living, a subsidiary of Spectrum Health, which was divesting all 11 assets in its portfolio. The communities include Carefree Living Burnsville (94 units), Carefree Living Aurora (52 units), Carefree Living Virginia (38 units), Carefree Living Brainerd (65 units), Carefree Living St. Cloud (70 units), Carefree Living Ely (46 units), Carefree Living Babbitt (38 units), Carefree Living Silver Bay (34 units), Carefree Living Buhl (20 units) Carefree Living Cook (12 units) and Carefree Living McGregor (20 units).
