Bellwether Enterprise Secures $151M in Senior Housing Loans

Image by geralt via Pixabay.com Bellwether Enterprise Real Estate Capital LLC has closed five loans…

Image by geralt via Pixabay.com

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.

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