Tremper Capital Group, which takes a team-based approach to its transactions, closed a $27.5 million floating rate refinance for a Class-A, 91-unit assisted living and memory care community with strong, stabilized performance. The non-recourse loan featured a seven-year term aligned with the sponsor’s business plan and included a performance-based earn-out. The structure met all of the sponsor’s financing objectives for the asset.
The transaction introduced a new lending relationship between a local owner/operator and Live Oak Bank. Live Oak’s track record helped support execution certainty. This deal marked the third seniors housing loan TCG closed with Live Oak in June alone, and one of six total closings for the firm that month.
Among the other June transactions were a $45 million refinance arranged on behalf of Kisco Senior Living and a $34.15 million refinance on behalf of CommonSail Investment Group (StoryPoint Senior Living’s parent company). TCG also closed a $55 million construction loan take-out for a seniors housing community in San Clemente, California, and a $28 million loan for a seniors housing community on the Florida panhandle. In addition, Tremper Capital Group arranged acquisition financing from a debt fund on behalf of Town Lane for its acquisition of two seniors housing communities in Florida.
