|
|
10/11/17
|
Berkeley Point Capital recently completed a $9.3 mil refinance for Spring Ridge Assisted Living & Memory Care, a 63-unit housing complex in Tacoma, WA. The financing was funded through HUD’s FHA 232/223(f) program.
Spring Ridge Assisted Living & Memory Care, which accepts Medicaid, offers affordable assisted living and memory care housing in a tranquil community setting conveniently located near Tacoma, Lakewood, Midland and Puyallup. The location boasts incredible Mount Rainier views, as well as quick freeway access.
Berkeley Point’s Tom White arranged the transaction, which paid off a first trust deed, a mezzanine note and preferred Member Notes (including deferred interest). The financing was originated in conjunction with the acquisition, renovation and an addition of a new wing for the property, with long-term, lower cost debt. The new, full leverage (80% LTV) loan amount paid off all of the outstanding liabilities with a long term mortgage at a 3.45% interest rate.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
