AL Conversion Project in Plano Gets Funding
A former hotel is being converted to an assisted living community in Plano, Texas, thanks to financing secured by Eastern Union. Totaling 137 units in six stories, the 40-year-old building most recently operated as a Deluxe Inn and previously as a Comfort Inn. It was also renovated in 2005 and has been owned and operated by Maheshbhai Patel since 2022. Patel secured the financing for the project, which will result in a 140-unit assisted living/memory care community known as Parkdale Senior Living. Completion is expected in mid-2026. An undisclosed lender provided two loans totaling $20.4 million. The first loan consists of a $15.8 million construction loan, featuring 15 months of... Read More »
BWE Refinances Philly-Area Asset
BWE announced a new refinance just before Thanksgiving, closed on behalf of a joint venture between Renew REIT and Heritage Senior Living. The property in question is Keystone Villa at Douglassville, a 247-unit community in the Philadelphia MSA with independent living, assisted living and memory care services. The community opened in 2011 with 125 AL and MC units before a 122-unit IL portion was added in 2015. Occupancy was 92% at the time of closing, and the community operated well. It received a $57.8 million loan from a national commercial bank, which was a new relationship for the borrower. The non-recourse loan also featured a competitive floating rate, prepayment flexibility... Read More »
North Carolina Community Receives Refinance
Berkadia secured a large Freddie Mac refinance for a seniors housing community in Greensboro, North Carolina. The borrower, California-based KISCO Senior Living, acquired Abbotswood at Irving Park in 1996 (according to LevinPro LTC) when it was a 10-year-old, 149-unit independent living community. KISCO was known as Kisco Retirement Communities at the time, and now it owns and operates 20 senior living communities in six states, including six communities in North Carolina.. Over the years, it has grown to now include 173 units and a full spectrum of senior living options, including IL cottages, IL apartments, assisted living and memory care units. The 1996 purchase price was approximately... Read More »
AL/MC Community Secures Refinancing
MONTICELLOAM, LLC, a specialized multifamily and seniors housing bridge lending platform, closed $18 million in bridge financing for a seniors housing community in Wisconsin. The financing was originated by Karina Davydov on behalf of a repeat client. The bridge loan helped refinance the outstanding debt on an assisted living/memory care community with more than 100 units. The refinance also positions the property for a future HUD financing. Read More »
Stride Bank’s Recent Activity
We learned of a number of recent financings provided by Stride Bank for senior care facilities across the country. First, the bank refinanced multiple assets in New Mexico and West Texas. The relationship with this particular borrower began in June 2023 (through Clint Miller of Ziegler) when it was looking to execute a bridge-to-HUD strategy and its prior, larger regional bank was unwilling to entertain. The portfolio features a mix of HUD-qualified and non-HUD-qualified assets, and the borrower needed an institution that allowed a multi-step process to release the HUD-qualified assets slowly. The senior credit facility will fully retire once the HUD-qualified assets are refinanced,... Read More »Schedule a demo
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