TUSCON, Ariz. — Berkeley Point recently closed the refinancing of Copper Canyon Alzheimer’s Special Care Center, a 66-bed Alzheimer’s care community located in Tucson, Ariz. The cash-out refinancing was structured as a fixed-rate Fannie Mae 10- year loan term with a period of interest only.
Copper Canyon Alzheimer’s Special Care Center opened in 2013 and is operated by JEA Senior Living, one of the 50 largest U.S. seniors housing operators in 2014 as ranked by ASHA. JEA Senior Living has a long history of providing quality care to dementia residents.
Though recently constructed, JEA Senior Living was able to quickly lease-up the community and stabilize operations. This enabled the owners to take advantage of the attractive non-recourse permanent financing agency debt market and refinance the existing construction loan. It was also important to the owners to be able to close the loan by year-end. Berkeley Point Capital was able to achieve a loan closing within 45 days of loan application and met the borrower’s timing request.
“We have worked with the principals of JEA Senior Living for several years and appreciated the opportunity to continue to expand our relationship and provide this Fannie Mae refinancing,” says Doug Harper, director, who led the Berkeley Point team. “We knew up front that achieving a closing by year-end was very important to them, and the seniors housing team at Fannie Mae demonstrated their ability to once again be strong partners with quick turnaround times so that we could collectively execute on time.”
“A year end execution was critical,” says Tom Dhanens, vice president of finance for JEA Senior Living. “Doug Harper and the Berkeley Point Capital team managed the process with great customer service and creative problem solving, meeting both closing and sizing goals for us. “