Monarch Advisors, an affiliate of Senior Living Investment Brokerage, closed a new loan to refinance and expand a 38-unit memory care community in the Portland, Oregon area. The local owner engaged Monarch to source $8.75 million of senior debt for the transaction. Alec Blanc of Monarch secured a commitment from a regional bank that specializes in senior housing nationally. The loan retired the existing bank debt on the property and provided cash at closing to fund a 16-unit expansion. At less than 60% of the as-stabilized value, the community will be well-positioned for a permanent mortgage upon completion and lease-up. The rate floats at Prime with typical financial covenants and recourse to the principals.
