Monarch Funds New Ohio Development
We haven’t seen much construction lending these days, with construction costs and interest rates rising, but Alec Blanc of Monarch Advisors secured an $18.9 million loan to fund a 105-unit/116-bed senior care project in Bowling Green, Ohio. The community is being developed by Trilogy Opportunity Fund I, an affiliate of Louisville, Kentucky-based Trilogy Health Services, at a cost of $23.625 million, or $225,000 per unit. Construction costs went up during the process, but the bank modified the loan to main an 80% loan-to-cost. There are 50 skilled nursing beds, 34 assisted living/memory care units and 25 independent living units. Monarch secured a senior loan commitment from a... Read More »
SLIB and Monarch Advisors Collaborate on Kentucky Closing
Alec Blanc of Monarch Advisors announced an acquisition financing for a couple of assisted living communities in Kentucky. Located in Bardstown and Elizabethtown, just under 30 miles from each other, the communities combine for 84 units. Occupancy was around 80% in 2020. They were previously owned by a California-based owner/operator, but the buyer/borrower, WalkLight Senior Living, was looking to make its first-ever acquisition, although the owners are experienced in operations. They also saw an opportunity to potentially raise rates at the locations to improve operations. Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage handled the sale. Monarch secured a... Read More »
Monarch Advisors Refinances Newly Built Louisiana Community
Alec Blanc of Monarch Advisors closed a refinance and recapitalization of a 108-unit assisted living/memory care community in southern Louisiana, just outside of Baton Rouge. After opening the community in 2018, the local owner/operator was first introduced to Monarch in March 2020. At the time, the property was not yet stable (around the mid-70% range), and occupancy did not improve much throughout 2020, which is not a surprise. However, lease-up quickened in early 2021, with occupancy reaching the mid-90% range, and the owner engaged Monarch to source approximately $18.5 million in senior debt to refinance the original construction loan and provide the sponsor with about $5.5 million in... Read More »
Monarch Advisors Finances Two Texas Transactions
Alec Blanc of Monarch Advisors helped finance a couple of Senior Living Investment Brokerage’s latest deals in Texas, which we highlighted last week. Cascades Healthcare, a Provo, Utah-based owner/operator, announced two separate acquisitions for four total skilled nursing facilities in Texas for a combined $26.545 million, or $41,400 per bed. Mr. Blanc secured a $21 million acquisition loan from a national commercial finance company to support the deal. There is also a $3.5 million earn-out feature that brings the loan-to-cost to around 92%. We’re not seeing leverage like that very often these days. The loan comes with a three-year term and interest only payments for the first two years.... Read More »Schedule a demo
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