Chicago-based bank CIBC just completed a cash-out refinance of a 98-bed memory care community in the Phoenix, Arizona market. Originally built in 2000 and renovated in 2013, the community obtained a $21.5 million loan with a five-year term and a 25-year amortization schedule.
There is also the possibility of an additional $2.1 million of debt which would be released based on certain performance achievements. Fritz Kieckhefer handled the transaction for CIBC.
