LAKE WORTH, Fla., and TULSA, Okla. — Ziegler has arranged a total of $37.8 million in bridge financing for Columbia Pacific Advisors (CPA), a Seattle-based investment firm.
The two loans will refinance existing debt on two of the borrower’s seniors housing properties, The Landing at Lake Worth in Lake Worth and The Linden at Stonehaven Square in Tulsa. Each community offers assisted living and memory care services and consists of 134 total units.
CPA developed and opened the Lake Worth Community in late 2018 and opened the Tulsa community in late 2017. The financings reoplace the original construction loans and provide additional proceeds for reserves and closing costs, which will provide the borrower with additional flexibility in the future.