$45 MM Floating-Rate Perm Loan
Take out financing and cash out on a recently completed state-of-the-art Assisted Living and Memory Care Property in Glendale, CA that is in lease-up
- The Senior Housing Market is recovering from the Global Covid Pandemic which severely impacted Senior Housing
- Property is in lease-up with good leasing momentum but low occupancy
- The interest carry and operating reserves in the construction loan were not sufficient to carry the project through stabilization
Dekel Capital arranged for the 10-year, floating-rate loan with interest and operating reserves based on updated budgets to allow take the Property through stabilization. In addition, Dekel arranged for some cash out to allow the Sponsor to return a portion of the equity to their investors.