GARFIELD HEIGHTS, Ohio — EBSC Lending has provided a $51.8 million loan for the expansion of a senior living and skilled nursing community located in Garfield Heights, a suburb of Cleveland.
The 294,083 square-foot project will add a four-story independent and assisted living building featuring 86 units. The expansion also includes a two-story skilled nursing building and a two-story health center with a physical and occupational therapy gym and memory care suites.
Construction began in June 2021, and the new expanded spaces are slated to open in January 2025. The borrower is a regional owner-operator that currently manages a portfolio of 12 communities in the West.
The loan features a 60-month term with one 12-month extension option. Martin Alex, along with Brian Stark, originated the loan on behalf of the undisclosed borrower.