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DETROIT — BHI, the U.S. branch of Bank Hapoalim B.M., has provided $49 million in bridge-to-HUD financing for a portfolio of three communities located in suburbs of Detroit.
Shahid Imran, doing business as Hampton Manor, is the borrower.
The portfolio includes Hampton Manor of Dundee, Hampton Manor of Trenton and Hampton Manor of Hamburg. Together, the communities total 221 units, with 171 assisted living and 50 memory care units.
Proceeds from the bridge-to-HUD facility will be used refinance existing debt and facilitate a partnership buyout, with Imran assuming full ownership of the properties, which were developed within the last five years by Imran and undisclosed partners.