Monarch Advisors is on a roll. After recently sourcing acquisition debt for a skilled nursing facility in Topeka, Kansas, Alec Blanc has arranged construction financing for the development of a new 105-unit/124-bed senior care property with independent living, assisted living and skilled nursing in Muskegon, Michigan. The sponsor, based in Louisville, Kentucky, engaged Monarch to source debt totaling $21.6 million, or about 67% of the cost of the project.
Blanc secured a construction/mini-perm loan commitment from a national mortgage bank’s loan participation program with a four-year term and one 12-month extension option. Payments will be interest only at SOFR+3.25% for the three-year construction and lease-up period, followed by a 25-year amortization. The loan also includes recourse from the sponsor. This is Monarch’s third construction loan closing for this client.
