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SALINAS, Calif. — Monarch Advisors has arranged a $4.6 million refinancing a 12-bed assisted living facility in Salinas, located just south of Silicon Valley.
In addition to refinancing existing debt, the loan will fund a 28-bed expansion at the community. The borrower is Songbird Care Homes, a local owner-operator.
Monarch arranged a commitment from a national SBA lender for 25 years at a variable interest rate, with an option to convert to a fixed rate upon completion of the expansion project.