Bellwether Enterprise Real Estate Capital LLC closed five loans to finance nine assisted living and memory care communities in the Northeast, Southeast and Southwest. The loans total $151 million.
First, Bridge Investment Group received a $64.8 million Fannie Mae loan for a four-property portfolio, including 422 memory care and assisted living units across the Northeast. Bridge Senior Living is the manager of the communities.
BWE also secured a $50 million non-recourse construction loan, from a debt fund, on behalf of Bonaventure, for the development of Aspire Alexandra, a 133-unit independent living community in Alexandria, Virginia. Upon completion, Senior Lifestyle Corp. will manage the property.
Concierge Senior Living obtained a $29.7 million refinance for The Pineapple House at Sapphire Lakes, a 112-unit, newly constructed senior housing community in Naples, Florida. The two-part financing included $20.7 million from a bank and $9 million in Property Assessed Clean Energy financing from the U.S Department of Energy.
Finally, Paradise Living Centers, a three-property portfolio located across Phoenix and Paradise Valley, Arizona, also received $7.2 million in refinancing from HUD. The loan paid off existing construction debt, and offered a low-interest rate, 35-year amortization and an 85% loan-to-value ratio.
