BWE, a national commercial and multifamily mortgage banking company, together with Blueprint Healthcare Real Estate Advisors, the #1 most active advisor in seniors housing and care over the past decade, announced today the closing of two loans totaling $17,822,000 to provide financing for the acquisition of two memory care communities: a $10,422,000 loan for Windsong at Southridge, a class-A, 56-unit community in Kennewick, Washington, and a $7,400,000 loan for Windsong at Eola Hills, also a class-A, 56-unit community in Salem, Oregon.
Lundat Kassa, vice president in BWE’s Washington, DC, office, was brought onto the deal by the team at Blueprint, led by Senior Managing Director, Kristen Ahrens, in order to leverage her lender connections and expertise with HUD financing to secure the best possible acquisition bridge and permanent loans for the properties. Both acquisition bridge loans, which have five-year terms, 72% loan-to-cost, and no pre-payment penalties, are non-recourse with fixed and competitive rates.
After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100% loan-to-cost for the borrowers.
“As our country continues to age, investing in top-of-the-line senior care communities like Southridge and Eola Hills is more important than ever. It was a pleasure to work with Blueprint and the sponsor to bring this deal to fruition and secure very favorable loan terms that will allow these properties, and their residents, to thrive,” said Kassa. “BWE will continue to work with partners nationwide to leverage our comprehensive suite of capital solutions to ensure senior housing and memory care sponsors have the financing they need.”
“It was a pleasure partnering with BWE on this transaction,” said Ahrens. “They brought together a remarkable group of industry leaders, and we’re proud to have delivered an optimal financing outcome that supports continued high-quality memory care in the Pacific Northwest.”
Located at 4000 W 24th Ave in Kennewick, WA, and originally constructed in 2018, Windsong at Southridge offers residents a wide variety of amenities, including arts and crafts activities, salon, game room, gym, library and a health and therapy center. Windsong at Eola Hills, constructed in 2015 and situated at 2030 Wallace Rd NW in Salem, gives residents access to the same array of amenities and resources as Southridge.