PGIM Funds $15.3M Financing for Two Morning Pointe Communities in Kentucky

DANVILLE and RUSSELL, Ky. — PGIM Real Estate Finance has provided a combined $15.3 million for two Morning Pointe senior communities in Kentucky.

In the first transaction, PGIM provided a $7.5 million refinancing for Morning Pointe Danville. The features a 10-year term and fixed rate for the 60-unit assisted living and memory care facility. The property was constructed in 2017 and was 90 percent occupied. 

In the second transaction, PGIM provided a 10-year, fixed-rate, $7.8 million refinancing for The Lantern at Morning Pointe Russell. The 44-unit memory care facility was constructed in 2017 and was 97.7 percent occupied.

Christopher Fenton, principal at PGIM Real Estate Finance, originated the transactions. The properties are located approximately 150 miles apart in Northern Kentucky.