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RENO, Nev. — Propero Seniors Housing Equity Fund III has partnered with Mission Senior Living to fund the construction of Mission Mountain Vista, a 130-unit independent living community in Reno.
A combination of equity provided by Propero and a bank loan funded the $22 million construction project. The Propero structure offered Mission Senior Living an equity solution that minimized the amount of upfront capital and provided a clear path to ownership.
Chris Mauger led the transaction for Propero and Grant Goodman was the lead for Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital.