Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of a $21,000,000 Freddie Mac loan for the refinance of HarborChase of Naperville, an assisted living and memory care community located at 1619 N Mill Street in Naperville, IL.
Ryan Stoll, national director of seniors housing and care in BWE’s Denver, CO office and Taylor Mokris, senior vice president of seniors housing and care in the Charlotte, NC office, originated the loan on behalf of the borrowers, affiliates of Bourne Financial Group and HRA Senior Living.
“BWE is proud to have helped Bourne Financial Group and HRA Senior Living successfully navigate the process of becoming first-time Freddie Mac Borrowers,” said Stoll. Most importantly, we’re happy to have played a small part in the positive impact HarborChase of Naperville has on Chicago-area seniors and their families.”
The 101-unit, two-story property is managed by HRA Senior Living, a nationally recognized operator of independent, assisted living and memory care. Residents at HarborChase of Naperville enjoy a variety of amenities, including chef-prepared meals, well-appointed indoor and outdoor communal spaces and a range of entertainment activities.
The $21 million loan refinanced the construction debt of the recently developed property, which maintains prepayment flexibility along with a significant interest savings. The loan term is 10 years, with a 5-year interest-only period and less than 3% variable rate financing.
BWE provides flexible financing solutions for clients covering the entire spectrum of seniors housing and care real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/seniors/.