EBSC Lending arranged a $31 million loan for a 160-unit Class-A seniors housing community in Elk Grove, Minnesota. Proceeds from the five-year, floating-rate, non-recourse loan were used to retire the property’s existing construction financing, with the structure providing an initial interest-only period. The sponsor was repeat-client David Ross.
The community includes independent living, assisted living and memory care services, offering studios, one- and two-bedroom floor plans ranging between 410 and 992 square feet.
