TUCSON, Ariz. — Columbia Pacific Advisors has provided a $6.2 million refinancing for Catalina Springs Memory Care in Tucson.
The borrower is Portland, Ore.-based Frontier Management, which owns and operates the 48-unit community.
Columbia Pacific provided the loan through its bridge lending platform, CPIF Lending. The 24-month, interest-only financing includes a 12-month extension option and refinances the original construction loan. The financing represents a 56 percent loan-to-value ratio.
The transaction frees up capital for Frontier to begin work on its next development, and smooth over a longer-than-expected stabilization process. At closing, the community was 66 percent occupied.