UTAH — HJ Sims has provided a high-leverage bridge loan for the acquisition of a senior living community in Utah.
Featuring 55 units of assisted living and memory care, the community features mountain views from its hilltop location in a thriving and growing local market.
A regional owner, operator and developer of seniors housing communities partnered with Sims to close on the acquisition. The buyer specializes in assisted living and currently manages over 1,600 units in more than 25 communities across five states in the Mountain West region.
Partnering with Live Oak Bank, Sims provided a high-leverage bridge loan to fund the acquisition, and arranged funds for capital improvements at the property. The loan was structured with an interest-only period, allowing the group to limit debt service expense over the near term.
Details on the seller and location were not disclosed.