Bellwether Enterprise Real Estate Capital LLC has closed five loans to finance nine assisted living and memory care communities in the Northeast, Southeast and Southwest. The loans total $151 million.
Bridge Investment Group received a $64.8 million Fannie Mae loan for a four-property portfolio, encompassing 422 memory care and assisted living units across the Northeast. Bridge Senior Living is the manager of the communities.
BWE also secured a $50 million non-recourse construction loan, from a debt fund, on behalf of Bonaventure, for the development of Aspire Alexandra, a 133-unit independent living community located at 112 First St., in Alexandria, Va. Upon completion, Senior Lifestyle Corp. will manage the property.
Concierge Senior Living obtained $29.7 million in refinancing for The Pineapple House at Sapphire Lakes, a 112-unit, newly constructed senior housing community situated at 7901 Radio Road in Naples, Fla. The two-part financing included $20.7 million from a bank lender and $9 million in Property Assessed Clean Energy financing from the U.S Department of Energy.
Paradise Living Centers, a three-property portfolio located across Phoenix and Paradise Valley, Ariz., also received $7.2 million in refinancing. The U.S. Department of Housing and Urban Development’s 232/223(f) program provided the non-recourse loan, which paid off existing construction debt, and offers a low-interest rate, 35-year amortization and an 85 percent loan-to-value ratio.
Last month, BWE originated $40 million on behalf of LDG Development to finance a 312-unit affordable housing project in South Louisville, Ky.