Ziegler, M&T Arrange $15.1M Refinancing for Carriage Oaks Independent Living in St. Charles, Illinois

ST. CHARLES, Ill. — Ziegler, in partnership with M&T Realty Capital Corp., acted as financial advisor in a $15.1 million Fannie Mae refinancing on behalf of Essex Communities.

The loan will be used to refinance existing debt on Carriage Oaks, an independent living community in St. Charles, approximately 35 miles west of Chicago.

Essex originally developed the community in 1999 under a nonprofit entrance-fee model. They recently purchased the building in 2019 and converted it to a market-rate rental model. The community consists of 80 independent living units. Essex owns and/or operates 11 communities throughout the Midwest and Western United States with a pipeline of new communities in development.

The 10-year, 3.99 percent fixed-rate loan was structured with five years of interest-only payments, followed by 30 years of amortization. The loan also carries a declining prepayment schedule, which will provide the borrower with additional flexibility in future years.