SALT LAKE CITY — Carnegie Capital, a Texas-based commercial real estate finance correspondent and advisory firm, has sourced and structured an $11.5 million construction loan for a 95-bed assisted living and memory care facility.
The borrower is a Salt Lake City-based owner-operator. The Class A community totals 64,000 square feet. Of the 95 beds, 30 are for memory care.
The developers, a growing seniors housing company along the Wasatch Front area of Utah, contributed the land for the project. This is the third regional project for the company.
Carnegie syndicated a group of local and regional banks to complete the financing package at 75 percent loan-to-cost ratio. The financing is structured to be refinanced into a permanent loan upon stabilization of the completed property.
JD Stettin of Carnegie Capital arranged the transaction.