MISHAWAKA, Ind. — KeyBank Real Estate Capital and Cain Brothers have secured financing for the construction of Hellenic Senior Living of Mishawaka, an affordable assisted living facility in Mishawaka, located just east of South Bend near the Michigan border.
Finance
The seniors housing industry today is benefiting from a “more disciplined, rational debt sector” than in the past, emphasizes Chuck Hastings, vice president of finance and business development for Juniper Communities, a seniors housing operator of 22 properties in four states: Colorado, Florida, New Jersey and Pennsylvania. Twelve years ago, Hastings recalls that a borrower could secure acquisition financing at a 90 percent loan-to-value ratio, and the loan would be nonrecourse. “Those days are gone,” he says. Today, borrowers seeking acquisition financing can realistically expect to obtain a nonrecourse loan …