BMO’s Healthcare Real Estate Finance group acted as the lead arranger and administrative agent on a term loan refinancing for an intergenerational community in Minneapolis, Minnesota, on behalf of Harrison Street and Oppidan. Built in 2020, The Pillars of Prospect Park comprises 282 independent living, assisted living, memory care and student housing units. The community also features a child-care/learning center with capacity for about 100 children. Ebenezer manages the community. This was the fifth community developed together by Oppidan and Ebenezer.
In August, Berkadia announced its role in arranging the refinance of The Pillars. To take out an existing construction loan, Austin Sacco and Steven Muth secured bridge financing through BMO with a three-year term, three years of interest only and an attractive spread. Operations were healthy at the time of closing, and the transaction closed in under 90 days from start to finish.
