IDB Bank Arranges Loan for Florida Facility

IDB Bank Arranges Loan for Florida Facility

by | May 30, 2019 2:38 pm | Financings

Watercrest Senior Living Group’s first-ever “Market Street” senior living community located in Viera, Florida, recently refinanced with the help of Israel Discount Bank of New York (IDB Bank). Opened in 2016 under Watercrest’s new stand-alone memory care brand, the 60-unit community experienced a quick lease-up, reaching 50% occupancy in the first five months after opening. Things clearly have gone smoothly since, as it is now refinancing with a $10.7 million loan structured by IDB Bank. Lisa Silvers, senior vice president of healthcare lending, handled the transaction. Read More »
IDB Bank Assists In Renovation Refi

IDB Bank Assists In Renovation Refi

by | Dec 14, 2018 7:01 am | Financings

An assisted living community in West Palm Beach, Florida is getting renovated and repositioned thanks to financing provided by Israel Discount Bank of New York (IDB Bank). Lisa Silvers structured the $11.0 million loan to also include a future advance of $2 million upon completion of the renovation and subsequent stabilization. With the financing, the borrower, Florida-based Gold Standard of Care, plans to consolidate a number of units into larger floorplans (with higher rents, of course). Of the total loan amount, about $2.0 million will be for renovations and the remainder will pay off the previous loan on the property. The five-year loan has an interest-only period, and the LIBOR-based... Read More »