A former hotel is being converted to an assisted living community in Plano, Texas, thanks to financing secured by Eastern Union. Totaling 137 units in six stories, the 40-year-old building most recently operated as a Deluxe Inn and previously as a Comfort Inn. It was also renovated in 2005 and has been owned and operated by Maheshbhai Patel since 2022.
Patel secured the financing for the project, which will result in a 140-unit assisted living/memory care community known as Parkdale Senior Living. Completion is expected in mid-2026. An undisclosed lender provided two loans totaling $20.4 million. The first loan consists of a $15.8 million construction loan, featuring 15 months of interest-only payments, after which it will convert to a 26-year permanent loan with a change to the interest rate. The other loan was a $4.67 bridge loan to refinance the existing bridge loan, which was originated in August 2022 and renewed once. Meir Abrahamson of Eastern Union arranged the transaction on behalf of Patel.
