Merchants Capital Secures $49M Bridge Financing for Assisted Living Portfolio in Ohio

by Jeff Shaw

CINCINNATI, COLUMBUS and HILLIARD, Ohio — Mortgage banking firm Merchants Capital has arranged $49 million in financing for three assisted living communities in Ohio.

The borrower was Wallick Communities, which develops affordable assisted living and memory care communities. The bridge financing allows the communities to continue leasing until the debt can be refinanced through HUD. Merchants Bank provided the capital.

The first community, the 108-unit The Ashford at Mt. Washington in Cincinnati, received $13 million in financing over 24 months. The Ashford on Broad, featuring 131 units in Columbus, received $16 million in financing over 36 months. The Ashford on Sturbridge, totaling 124 units in the Columbus suburb of Hilliard, received $20 million in financing over 42 months.

All three communities are designed to serve working- and middle-class seniors, offering rents at 15 to 30 percent below those in similar communities. In addition, by using Ohio’s Medicaid Waiver program, residents are allowed to stay once their financial resources have been exhausted.

“As baby boomers age and the costs of senior healthcare continue to rise, the need for affordable, well-maintained communities like these are becoming more and more critical,” says Tom Feusse, CEO of Wallick Communities.

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