Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, closed a $21 million Freddie Mac loan to refinance HarborChase of Naperville, an assisted living and memory care community located in Naperville, Illinois. BWE’s Ryan Stoll and Taylor Mokris originated the loan on behalf of the borrowers, affiliates of Bourne Financial Group and HRA Senior Living (Harbor Retirement Associates).
Opened in 2016, the community has 101 units in two stories. HRA Senior Living operates it, in addition to four others in the state of Illinois. Its original construction loan was taken out as a result of this transaction. The new loan has a 10-year term, five-year interest-only period and a variable rate less than 3%. The borrower also has prepayment flexibility across the life of the loan.
