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LAKE CITY, Mich. — Silver Arch Capital Partners has closed a $4.75 million loan for the owner/operator of Belle Oakes Living Center, a 48-unit, 32,000-square-foot assisted living facility on 20 acres in Lake City.
The loan is a refinancing of an existing mortgage, which will help the community pay off debt incurred as part of an 11-unit expansion.
Constructed in 2002 and renovated in 2012, Belle Oakes is situated in Missaukee County, in Michigan’s lower peninsula.
Silver Arch Capital Partners is a private commercial real estate lender based in New Jersey.