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6/10/15
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Westmont Living has refinanced Lakeview Senior Living, an independent living, assisted living and Alzheimer care facility located in Lincoln City, OR. The loan was funded through HUD’s Section 232/223(f) program providing a 35-year, fully-amortizing loan. It was arranged through CBRE Group’s FHA lending platform.
The loan will refinance existing debt and provide funds for moderate capital improvements to the project. The property has 55 units of assisted living, 43 beds of Alzheimer care and 22 two-bedroom/two-bath cottages for a total of 105 units and 120 beds. Funded improvements include new carpeting, new flooring, a new security call system and increased accessibility, among others.
Westmont Living is an experienced owner and operator of healthcare facilities in Oregon, California and Washington. The company was founded in 2008 by healthcare professionals dedicated to operating facilities that provide the highest level of comfort and the full spectrum of care to their residents. Westmont has been expanding its operations and recently formed a new general contracting entity to construct the next generation of first class healthcare facilities.
The financing of Lakeview Senior Living was originated by Andrew Behrens, Vice Chairman, Mary McDonald, Senior Vice President, and Noah Reischmann, Vice President, of CBRE Debt and Structured Finance in CBRE’s San Francisco office. Behrens said, “The rates and terms for these HUD 232 loans are just unbelievable. Nowhere else in the marketplace can long-term holders of assisted living facilities find sub-3.5% funding for a 35-year term.”
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