Lisa Silvers of IDB Bank recently closed two loans for the same borrower in Florida. Both properties feature assisted living and memory care services, with the Palm Beach County location consisting of 84 beds in 51 units and the Fort Lauderdale site having 95 beds in 65 units. Colonial Assisted Living operates the communities, which were built in 1977 and 1988, respectively, and were more recently renovated. One was stabilized and the other was nearing the end of lease-up.
The properties were previously cross collateralized at Bank of Oklahoma, but operations have strengthened enough so that each can support its own debt. The Palm Beach County community, which is stabilized, received a $5.187 million loan, while the Fort Lauderdale community obtained a $7.7 million loan. Colonial Assisted Living received a fixed rate of 4.24% after an interest rate swap for both loans, with a callable feature after three years.
