BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a refinance for Gentry Park Orlando, a Class A independent living, assisted living, and memory care campus with a combined 176 units in Orlando, Florida.
Taylor Mokris, SVP of Seniors Housing & Care Production and Ryan Stoll, national director of Seniors Housing and Care, secured the five-year bridge loan, which has a competitive floating rate, two years of interest-only payments, a structured earnout, flexible prepayment, and no deposit requirements, on behalf of the borrower via a national bank.
“We worked through a competitive process to land optimal financing terms, including an earn-out structure that will allow the sponsor to capture additional upside as they continue the early success and march towards full stabilization,” said Mokris. “BWE’s Seniors Housing team has deep and direct relationships with a diverse set of capital sources, resulting in solution-oriented advisory for our partners across the country so they can best provide quality housing and care for our nation’s seniors.”
Managed by Meridian Senior Living, Gentry Park Orlando, located at 3191 Center Pointe Drive and 3201 Center Pointe Drive, is comprised of a 92-unit independent living building and an 84-unit assisted living and memory care building. The independent living facility, which features one- and two-bedroom units, achieved stabilization in less than a year, and is currently at 98% occupancy. The assisted living facility offers studio, one-, and two-bedroom units.
Gentry Park’s independent living facility features luxury amenities such as a swimming pool and lounge area, bistro and bar, billiards and game room, theater, dining room, creative studio, elegant lobby and seating area, daily lifestyle programming, transportation, pet friendly rooms, housekeeping and linen service, and concierge services. Assisted living facility amenities include personal care, medication management, restaurant-style dining, daily social programming, specialized exercise program, housekeeping, transportation, pet friendly rooms, salon and barbershop, and a visiting physician.
