Dekel Capital, a Los Angeles-based real estate merchant bank that specializes in sourcing and placing equity and debt for active middle market commercial real estate developers and investors, has successfully placed $14 million in bridge financing on behalf of Mountain Capital Partners and Willis Development to enable sponsors to retire existing construction financing and enable continued stabilization of Kingston Bay, an assisted living and memory care development located in Fresno, California, announced Dekel Managing Principal Shlomi Ronen.
Dekel Capital structured a $14.1 million, 24-month, interest only, bridge loan that will allow the sponsor to continue to stabilize the existing Assisted Living and Memory Care Facility. The facility provides an opportunity for the ownership group to create value through lease up of the remaining units.
“We were able to obtain fixed rate bridge financing more competitive than any of the floating rate options available in the market.” Said Shlomi Ronen, managing principal and founder of Dekel Capital.
Sitting on four acres, the 86,467 square foot community has 107 state-of-the-art residences. The assisted living area consists of 61 one bedroom and 22 studio apartment homes. In memory care, an area designed for those with Alzheimer’s and other forms of dementia, there are 24 memory care residences. This senior living community provides an active and healthy lifestyle while promoting independence and upholding the dignity of the residents.