Greystone is back again, with Vice President Stella Plotkin providing a $22.5 million bridge loan to refinance Aspen Creek Senior Living in Anchorage, Alaska.
This 96-unit assisted living community was completed in 2019, with 21 of the units designated for memory care residents. The loan pays off existing debt that funded the property’s initial construction, allowing the borrower to complete current renovation projects, including on the secured memory care wing.
Greystone’s interest-only, floating-rate bridge loan has a 24-month term with two six-month extension options, with the goal of transitioning to permanent HUD-insured financing. The transaction was completed on behalf of Spring Creek Holdings LLC.
Aspen Creek Senior Living is the first facility of its kind in Anchorage. It was built two years ago in response to a growing need for assisted living communities in Alaska’s largest city.
