Featured Transactions

Client Request

Sponsor approached Dekel Capital with request to identify a construction lender and JV-Equity partner for the acquisition and development of a senior housing project with 107 assisted living and memory care units on a 4.2-acre site in north Fresno, CA.


Situation/Challenges

  • Fully entitlements were completed while in escrow
  • Subject property site was located in in a secondary market that was "off the radar" for most regional and national lenders
  • JV-Equity request size of $6M was below the typical minimum investment size of $10M for institutional funds active in senior housing development

Solution

  • Identified a national lender with a specialized senior housing group that had experience in construction financing
  • Performed an exhaustive rent comp survey, absorption analysis, and location analysis to prove out the sponsor's proforma rents and income figures
  • Utilized Dekel Capital's proprietary private equity fund Dekel Strategic Investors to provide the JV-Equity needed to fund the project
  • Financing was made up of a $13,100,000 Construction Loan and $6,100,000 JV Equity investment