BWE, a national commercial and multifamily mortgage banking company, announced that it has secured $57,800,000 to refinance Keystone Villa at Douglassville, a 247-unit, Class A independent living, assisted living, and memory care community in Douglassville, Pennsylvania.
Ryan Stoll, national director of Seniors Housing and Care at BWE, and Taylor Mokris, senior vice president of Seniors Housing and Care, secured the loan from a national Commercial Bank, which features a non-recourse structure prepayment flexibility, a competitive rate, and full-term interest-only payments. The loan was secured on behalf of a joint venture between private investment trust ReNew REIT and operator Heritage Senior Living.
“To deliver the best results for the borrower, our team sorted through a complex and competitive process to determine which lender offered loan terms best tailored to the joint venture’s needs. Ultimately, the sponsor was able to forge a new relationship with a national commercial bank who offered just that,” said Stoll. “We pride ourselves in being execution agnostic when it comes to finding the right capital solution for a project, making it easy for our partners to trust they will always end up with the best lender and loan for their unique needs.”
Keystone Villa at Douglassville, located at 1152 Ben Franklin Highway, is comprised of a 123-unit independent living building constructed in 2015 and a 125-unit assisted living and memory care building constructed in 2011. The property was 92% occupied at the time of closing and has had strong operating performance.
BWE’s Seniors Housing and Care team also recently closed on acquisition financing for the recently renovated, 92% occupied Blossom Vale Senior Living in Orangevale, California, part of the Sacramento metropolitan area. The 5-year, competitive fixed-rate bank loan with flexible prepayment, no deposit requirements, and an earn-out structure allowed the borrower to enjoy the upside of the stabilizing operations and rent growth of the renovated units.
BWE stands as a national, full-service commercial and multifamily mortgage banking company committed to elevating real estate financing. Putting clients’ goals first, our experienced and trusted advisors offer comprehensive capital solutions by combining enduring debt and equity relationships with unparalleled local market insights across our 40+ offices and national servicing platform. BWE’
