APPLETON, Wis. — Berkadia’s Seniors Housing and Healthcare Group has secured a $32.3 million refinancing for a seniors housing facility in Appleton, located near the north bank of Lake Winnebago approximately 30 miles southwest of Green Bay.
Chris Cain secured the financing on behalf of the Oregon-based owner and operator, Touchmark. Further details on the property were not disclosed.
“We were able to lock in a low interest rate and provide additional equity to the borrower at closing, even with the current COVID-19 restrictions,” says Cain. “We expect to see more and more activity and anticipate a robust second and third quarter as the vaccines continue to roll out and owners and operators regain confidence.”
The 10-year Freddie Mac loan features five years of interest-only payments and a 70 percent loan-to-value ratio.