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$14,000,000 Ground-Up Construction-to-Perm of a To-Be-Built Assisted Living Facility

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Transaction Description:  GSP successfully placed the $14,000,000 construction-to-permanent loan for a to-be-built Assisted Living Facility in Sacramento, California. The recourse construction facility is for eighteen months, interest only with the takeout underwritten and in place prior to construction funding. The permanent take-out loan is priced at SWAPs + 350 with a 6.0% floor, fixed for ten years, amortized over 25 years. The loan will be rate-locked at Certificate of Occupancy once rolled into the perm loan, sized to 70% of total construction costs. While this particular funded facility is for assisted living (considered seniors housing), GSP received significant interest from capital providers for construction financing across all asset classes as well. For National Investment Center Convention attendees, please touch base with Mr. Orchard via cell phone @ (310) 309-7005. Steve will be attending the Seniors Housing Conference in Chicago through its conclusion on Friday.
Term: 18 Month Construction; 10 Year Perm
Amort: 18 Months IO; 25 Years
LTC: 70%
Brokers: Steven Orchard, Michelle Lee

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