KEARNEY, Neb. — Ziegler, in partnership with M&T Realty Capital Corp., served as financial advisor in a $4.4 million Fannie Mae refinancing on behalf of Essex Communities. The loan will finance the existing debt on The Regency, an independent living community in Kearney, located along the Platte river in the southern portion of the state.
The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with two years of interest only payments, followed by 30 years of amortization. The loan also carries a declining prepayment schedule.
The deal was originally quoted to include a COVID-19 debt service reserve escrow, which was later waived prior to loan’s final approval. The Fannie Mae loan reimbursed the borrower for capital expenditure investments and provided equity to assist the company’s growth strategy.
Eric Johnson led the transaction for Ziegler from the company’s Denver office. Steven Muth and Matthew Pipitone led the transaction for M&T. This is the second Fannie Mae financing that the team has completed with Essex in 2021.