Just before the end of the year, Alec Blanc of Monarch Advisors closed a construction loan for a to-be-built assisted living community in Redmond, Oregon. Developed by nearby Bend, Oregon-based Juniper Canyon Living, the project will feature 108 units of all private pay. It will be operated under the Oregon Specific Needs program, which provides assisted living care to seniors with mental illness. The project is already underway and will be completed in phases, the first by the middle of this year and continuing through to the middle of 2022. Juniper Canyon Living has a number of similar projects in the works over the next few years.
Monarch sourced the senior debt, which was equal to 70% of the project’s cost. A regional bank provided the loan with a five-year term, three years of interest only and an all-in floating rate in the mid-4% range. There is also a recourse requirement.
