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ST. CHARLES, Mo. — Bank Leumi USA has provided a $13.6 million loan to facilitate the acquisition of Windsor Estates of St. Charles, a continuing care retirement community (CCRC) in the St. Louis suburb of St. Charles.
Windsor Estates of St. Charles is a 235-unit community operated by the borrower, Chicago-based Innovative Management Associates Inc.
In addition to the five-year, fixed-rate conventional mortgage, Leumi provided a $500,000 working capital line of credit and treasury management services. The term loan is secured by a first mortgage on the existing CCRC, while the line of credit is secured by the facility’s accounts receivables.