Regions Bank Secures Financing For Seattle Development
The Regions Bank Healthcare Real Estate team recently secured construction financing for a to-be-built senior living community in a Seattle, Washington suburb. The three-story building will include 65 independent living units, 63 assisted living units and a total of nearly 107,500 square feet. It is being built by a joint venture between a Southeast-based developer/owner and a Southwest-based owner/operator. To finance it, they obtained a $28.3 million mini-perm loan, which comes out to approximately $221,000 per unit. The loan features a floating rate and five-year initial term, with four years of interest only. There is also a staged reduction in recourse, and at or prior to maturity,... Read More »
Regions Bank and Cushman & Wakefield Finance Auctus-Owned Community
Regions Bank Healthcare Real Estate Group announced a balance sheet loan closing at the start of February for a client in northern California. Originally built in 1975 in Carmichael, the property being refinanced is a 98-unit independent living community. Auctus Capital Partners acquired it in 2015, with plans to invest in capital improvements. So, it underwent a significant renovation and conversion project in 2018, and is now in the final stages of lease-up. Auctus put an operating affiliate, Altum Senior Living, in place to manage the community. Working with a new customer for the bank, Chris Honn secured a $5 million loan, with a three-year term and three years of interest only, to... Read More »
Two Senior Living Communities Get Financing from Regions Bank
Regions Bank closed a couple of transactions in recent weeks for both a to-be-built senior living community and an existing one whose owners were looking to get a small cash-out. The $29.2 million construction loan was arranged for a joint venture between a Midwest-based developer/owner and a Southeast-based operator. Located in a fast-growing Alabama market, the community will consist of 105 independent living and 27 memory care units in a three-story building. Jack Boudler and Chris Honn secured the $29.2 million, or $211,000 per unit, loan, which came with a five-year initial term, four years of interest only, and a staged reduction in loan repayment recourse. Also, at or prior to... Read More »
St. Louis-Area Acquisition Funded by Regions Bank
Regions Bank Healthcare Real Estate Group assisted a joint venture in obtaining acquisition financing for their purchase of two assisted living communities in the St. Louis MSA. Built in 2000 and 2006, these two Illinois communities featured a combined 135 assisted living units. Thanks to a $12.675 million, or $93,900 per unit, bank loan, they were acquired by a Florida-based investor and a Missouri-based management company. The non-recourse loan was structured with a five-year, floating-rate term and an interest-only period. Amber Crosby and Chris Honn of Regions closed the transaction. Read More »Schedule a demo
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