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$4,500,000 Acquisition and Redevelopment Loan for Senior Living Facility; 30 Day Closing; Chattanooga, TN

Rate: 6.15% floating
Term: 30 Months
Amortization: Interest Only
Loan to Cost: 75%
Prepayment: Open
Recourse: Non-Recourse

Transaction Description:

George Smith Partners was engaged to procure a high leverage, non-recourse loan with a 30-day closing timeline for a strategic acquisition of a 144-unit senior living facility in Chattanooga, TN. The Property, which fits in with a larger +$150,000,000 master planned community, presented a unique opportunity for the Borrower to greatly expand points of access and enhance the status of future developments. The chosen Lender understood the value proposition of future development and the Sponsorship’s track record of delivering high quality MPC’s in secondary markets. GSP worked with the Sponsor and Lender to procure a 15-day appraisal and all due diligence within a week of engagement to position the loan to close within 30 days.

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