SEBASTIAN, Fla. — PGIM Real Estate Finance has provided a $10 million Freddie Mac loan to Watercrest Senior Living Group. The funds will refinance debt on the company’s Pelican Landing community in Sebastian.
Sebastian is located on the east coast of Florida approximately midway between Orlando and Miami. Opened in 2016, Pelican Landing offers 89 units of assisted living and memory care.
The loan includes a variable rate, seven-year term and 20-year amortization.
Christopher Fenton, principal in PGIM Real Estate Finance’s senior housing group, originated the loan.