Shelburne Healthcare Development, an undisclosed REIT and a Missouri-based developer/operator are collaborating on a new seniors housing construction project, and the venture now has financing in hand from Regions Bank. Two of those three parties have worked with Regions in the past, helping ensure a smooth transaction process. Chris Honn and Jack Boulder originated the loan on behalf of the bank.
Located in Chesterfield, the community will feature 96 independent living, 37 assisted living and 17 memory care units. The $35.9 million construction loan, resulting in about $239,000 per unit of debt, comes with a five-year initial term, four years of interest only and a staged reduction in loan prepayment recourse. Also, at or prior to maturity, Regions Bank may take the loan out with permanent agency debt.
