Alec Blanc of Monarch Advisors announced the successful closing of a bank refinance for a 99-unit assisted living/memory care community in central Illinois. April closings have been few and far between, so, well done Mr. Blanc.
Built in three phases from 2001 to 2009 and then renovated in 2017, the community was acquired about a year ago by a St. Louis-based real estate investment group and its operating partner, Compass Senior Living. The community is still stabilized but has seen improvements to both census and profitability in the last year.
To refinance the acquisition debt and return capital to the investors, Monarch Advisors secured $6.4 million in senior debt from a regional bank, with a five-year term and competitive interest rate. The loan, which has an interest-only period for up to 18 months, also includes a draw-down feature which will allow the investors, upon achieving certain performance hurdles, to recover all of their original investment.
