Assisted Living Portfolio Acquisition - Eastern CO
$3,250,000 loan arranged by PlattPointe Capital.
DENVER, CO - PlattPointe Capital recently closed an $3,250,000 construction loan secured by a three senior living properties. One assisted living and two memory care facilities, all located in Eastern Colorado. The loan was for a repeat client who comes to PlattPointe due to the constantly changing needs of their business and having assets located in 4 states. The Sponsor had a hard deadline to exit their bank by December 7th, 2018 due to the expiration of their construction loan. The current lender was unwilling to offer term debt and allow the sponsors to recoup over $1,000,000 cash spent above and beyond the construction loan.
PlattPointe Capital arranged financing for the project through a Denver based private debt fund and structured the loan as interest only for 24 months, with an option for a one-year extension built in. The sponsor used the additional cash to further improve the properties.
• Loan Amount: $3,250,000
• Leverage: 65% LTV
• 24-Month Interest Only Loan
• Cash Out Refinance
About PlattPointe Capital:
PlattPointe Capital provides alternative financing solutions to commercial real estate investors and developers. With a variety of commercial lending options, we pride ourselves on meeting our ability to meet clients’ diverse borrowing needs with quality service and individual attention.
As we close out 2018 we wanted to re-connect before everyone breaks for the holidays. We still have enough time to fund deals finish the year on a high note. Our team is working through the Holidays and New Year.
More information can be found at www.plattpointe.com.
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Building Portfolio Loan