RALEIGH, N.C. — KeyBank Real Estate Capital provided a $40 million bridge loan to refinance Waltonwood Lake Boone, a seniors housing community in Raleigh.
Singh Development built, owns and operates the community, which opened in January with a total development price tag of $60 million. Although based in Michigan, Singh has another headquarters in Raleigh.
The 400,000-square-foot property features 121 independent living, 39 assisted living and 23 memory care units. The community recently hired a new executive director and independent living manager in July.
Peter Trazzera, Patrick Gilbreath and Megan Major of KeyBank Real Estate Capital’s Institutional Healthcare Group structured the financing.