Coastal States Bank Funds $13.1M Acquisition Loan for Assisted Living Asset in Connecticut

STRATFORD, Conn. — Coastal States Bank has provided a $13.1 million senior loan to affiliates of Woodbine Senior Living.

The financing will be used for the acquisition of a 100-unit licensed assisted living community in Stratford. Excess funds will be used to help bring the 88,825-square-foot property to stabilization. The name of the property was not released.

Woodbine Senior Living partnered with Locust Point Capital, which provided a $5 million preferred equity investment.