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COLUMBUS, Ohio — HJ Sims has arranged $26.3 million in financing for United Church Homes, a seniors housing provider based in Sandusky.
The borrower will use the funds to acquire Polaris Retirement Community in Columbus from Polaris Retirement Living Properties LP. The newly built independent living community features 136 one- and two-bedroom apartments.
The Polaris Retirement Community was in the final stages of construction when UCH was invited to bid on acquiring the project. The acquisition was structured to have UCH take possession following the issuance of a Certificate of Occupancy.
Northwest Bank provided the nonrecourse loan, which features a variable rate, five-year term and 25-year amortization.