ROCKLIN, Calif. — Greystone has provided a $37 million Fannie Mae structured adjustable rate mortgage loan for the acquisition of a 134-unit seniors housing property in Rocklin, a suburb of Sacramento.
The Pines at Rocklin offers independent living, assisted living and memory care services. Merrill Gardens Senior Living is the operator and a joint venture partner in the community, which was built in 2015.
The borrower was Harbert Seniors Housing Fund II. Greystone’s seniors housing finance team originated the 10-year loan with an adjustable rate and five years of interest-only payments.
“Rocklin and the surrounding area are seeing overall population growth greater than the national average, so demand for this product type in this particular region is strong,” says Cary Tremper, head of Greystone’s seniors housing finance team.