Alec Blanc of Monarch Advisors, the capital advisory affiliate of Senior Living Investment Brokerage, has closed construction financing for the development of a 130-unit senior living community in Jeffersonville, Indiana (Louisville MSA). Denton Floyd Real Estate Group broke ground on the project in December and has brought on Vitality Senior Services to manage it upon completion. They will provide a mix of independent living, assisted living and memory care services for only private-pay residents. Rents are expected to range from $3,970 per month for one-bedroom units, $5,000 per month for two-bedroom units, and $5,138 per month for memory care.
Monarch sourced a senior loan commitment from a national investment bank’s loan participation program. Totaling $19.5 million, the loan is valued at about 75% of the project’s cost. That puts the cost at $26 million, or $200,000 per unit. The loan, which includes a recourse requirement, features a five-year term, 30 months of interest only and a competitive rate.
