CLEVELAND — Bellwether Enterprise Real Estate Capital LLC (BWE), a commercial and multifamily mortgage banking company based in Cleveland, has arranged five loans totaling $151 million to finance nine assisted living and memory care communities across the United States.
Ryan Stoll, national director of seniors housing and care, leads BWE’s efforts to secure financing for seniors housing and care communities.
The transactions include:
- A $64.8 million Fannie Mae loan to finance four assisted living and memory care communities across the Northeast for Bridge Investment Group. Bridge Senior Living operates the communities. Stoll and Kim Huffstutler arranged the financing for the 422-unit portfolio.
- A $50 million construction loan for the financing of Aspire Alexandria, a 133-unit independent living development in Alexandria. Stoll, Taylor Mokris and Peter Borstelmann arranged the nonrecourse loan through a debt fund. The borrower is Bonaventure, a vertically integrated real estate company. Senior Lifestyle Corp. will operate Aspire Alexandria.
- A $29.7 million refinancing for The Pineapple House at Sapphire Lakes, a recently constructed, two-story, 122-unit assisted living and memory care community in Naples, Fla. Kevin Hicks and Michael Powell originated the financing for owner-operator Concierge Senior Living. The financing consists of a $20.7 million bridge loan through a bank lender and $9 million in Property Assessed Clean Energy (PACE) financing from the U.S. Department of Energy, which financed energy efficiency improvements.
- A $7.2 million refinancing of Paradise Living Centers, three assisted living and memory care communities consisting of 10 private units each in Phoenix nearby Paradise Valley. Jim Swanson originated the nonrecourse HUD loans, which paid off the existing construction debt.