BWE together with Blueprint Healthcare Real Estate Advisors, closed two loans totaling $17.82 million to provide financing for the acquisition of two memory care communities: a $10.42 million loan for Windsong at Southridge, a class-A, 56-unit community in Kennewick, Washington, and a $7.4 million loan for Windsong at Eola Hills, also a class-A, 56-unit community in Salem, Oregon.
Lundat Kassa, vice president in BWE’s Washington, D.C., office, was brought onto the deal by the team at Blueprint, led by Senior Managing Director Kristen Ahrens, to secure the acquisition bridge and permanent loans for the properties. Both acquisition bridge loans, which have five-year terms, 72% loan-to-cost, and no pre-payment penalties, are non-recourse with fixed and competitive rates.
After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100% loan-to-cost for the borrowers…