Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of three loan deals totaling more than $62 million to finance three assisted living and memory care communities in the Greenville, SC, MSA, one assisted living and memory care facility in the Charlotte, NC, MSA, and a 150-unit affordable senior housing development in Kenmore, NY.
“BWE is extremely proud to work hard financing these beautiful communities, while the owners and operators focus on providing seniors with a tremendous quality of life as they age gracefully,” said Ryan Stoll, BWE’s National Director for Seniors Housing and Care. “In a very difficult capital environment for senior housing real estate, we want to thank our good clients for trusting us to arrange appropriate financing for the long-term success of their investments.”
The National Senior Housing and Care Team at BWE originated the South Carolina loans, led by Ryan Stoll, Taylor Mokris, and Kim Huffstutler. Lundat Kassa, Vice President in the Washington, DC, office and Anthea Martin, Senior Vice President in the Denver, CO, office originated the New York loan.
"We are delighted to work with the team at BWE for our permanent financing needs. They really took the time to thoroughly understand our objectives and the portfolio’s financial and operational performance. BWE’s expertise and hustle drove the best available terms and has helped set our investment up for long term success.”
- Atlas Senior Living President and CEO Scott Goldberg
The five properties are:
Fairview Park Senior Living (544 Harrison Bridge Road, Simpsonville, SC), Oakview Park (110 Hood Road, Greenville, SC), and Spring Park (925 North Main Street, Travelers Rest, SC), a $42,685,000 Fannie Mae refinancing loan originated on behalf of the borrower, Atlas Senior Living. Fannie Mae provided competitive fixed rate refinancing terms for this loan.
Sunflower Springs (Lake Wylie, SC), a construction loan to build a 105-unit assisted living and memory care community in the suburbs of Charlotte, NC. After a competitive process, BWE was able to source for the borrower a 75% loan-to-cost loan with a fixed rate that will protect against further rate increases.
Ken-Ton Presbyterian Village (Kenmore, NY), a $6,500,000 loan refinancing originated on behalf of the borrower, Beechwood Continuing Care. By refinancing the existing loan on the project, BWE was able to free up millions in cash reserves tied to the asset's previous HUD-insured loan while achieving debt service payment savings for the borrower. By swiftly navigating multiple complex affordable regulatory agreements and correspondence with HUD, BWE was able to ensure timely execution of the refinancing in the rising interest rate environment.
From left to right, top to bottom: Oakview Park, Fairview Park, Spring Park, Sunflower Springs