If you own an old seniors housing community in a good market, now is the time to refinance and make the necessary improvements before the next wave of demand hits. Otherwise, you may be left in the back of the line for customers.
Perhaps this was the thinking of an owner in Escondido, California with a 105-bed assisted living and memory care community, that also offers short-term stays and was built more than 30 years ago. For skilled nursing, that is practically new, but for assisted living, it is becoming ancient.
The owner turned to Leor Dimant, Managing Director at Greystone, to help consolidate some debt on the property and obtain additional funds for renovations and ongoing maintenance.
The layout is a bit unusual, with seven buildings on the campus featuring studio and two-bedroom units, each with a common living room, dining room and a private room for overnight caretakers. Sounds like the perfect set-up for pandemic-wary future residents. Mr. Dimant turned to HUD for the financing, which totaled $20,388,100, or about $194,000 per bed.
