Greystone, a leading national commercial real estate finance company, placed a total of $23.5 million in bank financing to refinance two senior housing properties in Indiana and Arizona. The separate transactions were originated by Cary Tremper, Tyler Armstrong, and Matt Miller of Greystone, on behalf of Spectrum Retirement Communities.
Lone Mountain is a 50-unit memory care facility located in the Phoenix market, which was refinanced for $11,275,000. The newly-constructed Class A property opened in March 2018, and includes 6 one-bedroom units and 44 studio units. Amenities at the property include private dining, library, game room, exercise room, activity room, computer room, salon, and terraces and courtyard features.
Meadow Brook is a 92-unit assisted living and memory care community located in the Indianapolis market, which was refinanced for $12,250,000. The unit mix at the property includes 68 assisted living units and 24 memory care units, with community amenities including private dining, library, game room, exercise room, activity room, computer room, salon, and a courtyard. The property opened in 2014 and is operated by Traditions Management.
“We take pride in solving our clients’ capital needs through all phases of the property cycle, with many options available today to transition from construction through stabilized financing,” said Cary Tremper, Head of the Senior Housing Capital Markets Team. “It is a privilege for our team to work with quality sponsors, and we are thrilled to have helped Spectrum complete the refinance of these two communities in Indiana and Arizona.”
“Greystone has been truly committed to providing us with the best execution for long-term success of these communities,” said Jeffrey Kraus, Managing Director at Spectrum Retirement Communities.