Tremper Capital Group announced a couple of refinances at the end of the second quarter for seniors housing clients. The first was arranged on behalf of Kisco Senior Living for its 333-unit entrance-fee CCRC in Palm Beach Gardens, Florida. Built in 2004, the campus was acquired by Kisco as part of a larger CCRC deal in 2013, and since then it expanded with a 54-unit independent living building in 2018. It was well occupied, around 94%, and operated at a healthy margin. The campus was also looking to add more rental contracts for its units, which should help improve its profitability.
TCG arranged a $45 million loan from BMO to refinance the property, growing the relationship between Kisco and the national bank. The loan featured a five-year term, three years of interest only and a floating rate spread in the low-200s.
The firm also closed a $34.15 million refinance for StoryPoint Troy, a seniors housing community in Troy, Ohio. StoryPoint Senior Living originally developed the property in 2016, and this refinance takes out the original construction bonds. Occupancy was also healthy at this property, in the mid-90s for the last several years, and it operated at a strong margin.
KeyBank provided a three-year loan with a floating rate spread in the low- to mid-200s. The deal marks a new lending relationship between CommonSail Investment Group (StoryPoint’s parent company) and KeyBank. Cary Tremper and Matt Miller worked on both transactions.
