NASHVILLE, Tenn. — Contemporary Healthcare Capital has provided a $500,000 mezzanine loan to affiliates of Opal Senior Living for the acquisition of an assisted living and memory care community in Nashville.
The property, featuring 60 assisted living beds and 55 memory care beds, is specifically designed for seniors with limited financial resources. The 38,714-square-foot asset was recently converted from a skilled nursing facility. The facility is one of only two in the Nashville metropolitan market accepting Medicaid waiver residents, according to Contemporary.
CoastalStates Bank provided the accompanying senior loan. The total financing package included approximately $300,000 for additional facility renovations and upgrades.