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THOMASVILLE, Ga. — Monarch Advisors has arranged an undisclosed amount of financing for the development of an assisted living and memory care community in Thomasville, located near the border between Georgia and the Florida Panhandle.
WV Ventures, a South Carolina-based developer is building the 80-unity property. The financing package includes senior and mezzanine debt with a 75 percent loan-to-cost ratio.
A regional bank provided the five-year senior loan with three years of interest-only payments. There is a recourse element that will burn down upon certificate of occupancy.
A firm deploying funds under the Georgia Rural Jobs Act provided the mezzanine debt.