TAMPA and OVIEDO, Fla. — Aztec Group Inc. has arranged $5.1 million in loans to refinance two memory care communities, each totaling 20 units, in Florida. The borrower is a joint venture between Mayan Properties, Facility Investments and National Healthcare Associates.
The communities are both named Memory Lane Cottage and each totals 24,079 square feet. Aztec secured a $3 million refinancing for one community located in the Orlando suburb of Oviedo, and a $2.1 million refinancing for a community in Tampa.
Florida Community Bank provided the funds. The loans each include a five-year term, one year of interest-only payments and a 25-year amortization schedule.
Charles Penan and Howard Taft led the efforts for Aztec.