JEFFERSONVILLE, Ind. — Northland Networks has arranged $19.4 million in financing for the development of Bridgepointe Gardens, a seniors housing community in Jeffersonville, located just across the Ohio River from Louisville, Kentucky.
The borrower is Denton Floyd Real Estate Group, a growing real estate development firm with over 3,500 multifamily units in Kentucky and Indiana. This project will be the company’s second senior living community and will be managed by Vitality Senior Services, an affiliated organization.
Construction on the project has already begun. When completed, the community will feature 115 assisted living units and 16 memory care units.
The loan represents a 75 percent loan-to-cost ratio. Northland Networks places loans through a network of community banks.
“Community banks across the country are sitting on record sums of cash with nowhere to put it,” says Seth Kahn, managing director of Northland Networks. “Participating in senior living loans is an attractive option for many of these banks who, in the past, have had minimal exposure to this asset class. Such loans offer strong yields and diversification benefits.”
Alec Blanc, managing director of Monarch Advisors, also participated in the project’s financing.