The closings from Tremper Capital Group kept on coming, with a couple more refinances of construction loans on seniors housing properties. The first was closed for a 124-unit assisted living/memory care community on the Florida panhandle. Built in 2021, the community experienced a strong lease-up, with occupancy exceeding 90%. This community is part of an ongoing, programmatic development joint venture between the regional owner/operator, a prominent private equity firm and several high-net-worth individuals.
Their eventual goal is to sell the panhandle property, but they needed more time for operations to fully stabilize. So, the JV took out the previous bank construction loan with a $28 million loan from a regional bank. The loan featured a three-year term and two years of interest only, with a floating rate.
Tremper Capital Group also arranged a construction loan take-out for a Class-A, 87-unit assisted living/memory care community in San Clemente, California. Opened in September 2024, the community leased up very quickly, reaching 60% by March 2025. The borrower wished to monetize some of that performance by taking out some equity and recapitalizing the construction lender. They received a new loan from Live Oak Bank and C-PACE financing from Nuveen, totaling $55 million.
