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TUCSON, MESA and PHOENIX, Ariz. — Berkadia has secured a cross-collateralized pool financing on behalf of Arizona-based Christian Care Cos.’ Fellowship Square affordable senior living portfolio in Arizona.
The 10-year, $92.8 million loan pool features a 65 percent loan-to-value ratio and three years of interest-only payments.
Steve Ervin, Richard Price, Chris Cain and Rafael Nobo of Berkadia collaborated to secure the Freddie Mac permanent refinancing for the borrower. Nearly $89 million in high-interest-rate, first lien, tax-exempt bonds were redeemed with proceeds from the financing.
The portfolio includes:
- Fellowship Square Tucson, located at 8111 E. Broadway Blvd. in Tucson, features 612 independent living and assisted living units in a mix of studio, one- and two-bedroom floor plans with a private balcony or patio. Community amenities include central dining, transportation services, recreational venues, swimming pools, a fitness center and laundry facilities. Twenty percent of the units must be rented to residents with incomes at or below 50 percent of the area median income (AMI) and 46 of the units are targeted to households at or below 80 percent AMI. The remainder of the units are rent restricted to 30 percent to 80 percent of AMI.
- Fellowship Square Historic Mesa, located at 35 W. Brown Road in Mesa, offers 415 independent living units in a mix of studio, one- and two-bedroom floor plans. Onsite amenities include central dining, fitness centers, transportation services and recreational venues. The property provides residents will an array of optional senior living and elderly care services. Forty of the units must be rented to residents with incomes at or below 50 percent of AMI. Additionally, 22 units are designated for residents with incomes at or above 80 percent of AMI and another 22 units are rent restricted to individuals making 30 percent to 80 percent of AMI.
- Fellowship Square Mesa, located at 69345 E. Main St. in Mesa, features 236 independent living and assisted living units in studio, one- and two-bedroom floor plans. Community amenities include central dining, fitness centers, transportation services and recreational venues. Twenty percent of the units must be rented to residents with incomes at or below 60 percent of AMI.
- Fellowship Square Phoenix, at 2002 W. Sunnyside Drive in Phoenix, offers 305 independent living, assisted living and memory care units in a mix of one- and two-bedroom layouts with in-unit washers/dryers. Onsite amenities include central dining, transportation services, recreational venues, a swimming pool, fitness center, dog park, bocce ball court and an outdoor area with grilling stations. Twenty percent of the units must be rented to residents with incomes at or below 60 percent AMI.