Dealmaker: Bellwether Enterprise Secures $62M for Five Senior Housing Communities

Bellwether Enterprise Real Estate Capital, Cleveland, closed three loans totaling $62 million for assisted living and memory care communities in South Carolina and New York.

The five properties include:

•             Fairview Park Senior Living (544 Harrison Bridge Road, Simpsonville, S.C.), Oakview Park (110 Hood Road, Greenville, S.C.) and Spring Park (925 North Main Street, Travelers Rest, S.C.), which received a $42.6 million Fannie Mae refinancing loan originated for borrower Atlas Senior Living.

•             Sunflower Springs (Lake Wylie, S.C.), a construction loan to build a 105-unit assisted living and memory care community in suburban Charlotte, N.C. BWE sourced a 75% loan-to-cost loan with a fixed rate to protect against further rate increases.

•             Ken-Ton Presbyterian Village (Kenmore, N.Y.), a $6.5 million loan refinancing originated for borrower Beechwood Continuing Care. BWE said the refinancing freed millions in cash reserves tied to the asset’s previous HUD-insured loan and achieved debt service payment savings for the borrower.

BWE’s National Senior Housing and Care Team led by Ryan Stoll, Taylor Mokris, and Kim Huffstutler originated the South Carolina loans. Lundat Kassa, Vice President in the Washington, D.C., office and Anthea Martin, Senior Vice President in the firm’s Denver office, originated the New York loan.