California Owner/Operator Refinances
Regions Bank Healthcare Real Estate Group recently closed a $9.5 million non-recourse balance sheet loan to refinance an 81-unit assisted living/memory care community in the Irvine, California MSA. The community is owned by a private Southern California-based owner/operator and was approximately 84% occupied at closing. The loan amount comes to approximately $113,100 per unit. There is a floating rate, an initial term of three years with an interest only period, and a one-year extension option. The loan is designed to be replaced with agency debt, based on property performance, and the amount may be increased during the term. Loan proceeds were used to repay a Fannie Mae loan,... Read More »
Regions Bank Originates Loan for L.A. Construction Project
The Regions Bank Healthcare Real Estate team, including Chris Honn and Amber Crosby, originated a $21.7 million construction and mini-perm loan for a joint venture between a Southeast-based developer/operator, an Arizona-based partner/operator and a Midwest-based private equity firm. The project, located in Los Angeles County, is expected to include 80 units, comprising 58 assisted living and 22 memory care units. The loan amount is approximately $271,250 per unit. It has a floating rate across a five-year initial term, four years of interest only and a staged reduction in loan repayment recourse. At or prior to maturity, Regions may also provide an agency permanent debt solution for the... Read More »
Missouri Seniors Housing Development Goes Ahead with Regions Bank Loan
Shelburne Healthcare Development, an undisclosed REIT and a Missouri-based developer/operator are collaborating on a new seniors housing construction project, and the venture now has financing in hand from Regions Bank. Two of those three parties have worked with Regions in the past, helping ensure a smooth transaction process. Chris Honn and Jack Boulder originated the loan on behalf of the bank. Located in Chesterfield, the community will feature 96 independent living, 37 assisted living and 17 memory care units. The $35.9 million construction loan, resulting in about $239,000 per unit of debt, comes with a five-year initial term, four years of interest only and a staged reduction in... Read More »
Regions Bank Finances California Construction Project
The Regions Bank Healthcare Real Estate Team arranged construction financing for a joint venture to build a 213-unit senior living community in a submarket of San Diego, California. Owned by a Minnesota-based developer, an Arizona-based owner/operator and a Midwest-based institutional private equity firm, the project will feature 103 independent living, 86 assisted living and 24 memory care units. It received a $68.6 million mini-perm loan with a floating rate and a five-year initial term. There were also four years of interest only and a staged reduction in loan repayment recourse. Plus, at or prior to maturity, Regions may take out the loan with agency debt. Chris Honn led the way... Read More »Schedule a demo
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