BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $28,300,000 loan to finance Grove City Senior Living, a senior independent living, assisted living, and memory care community in Grove City, Ohio, part of the Columbus metropolitan area.
Taylor Hawkins, senior vice president in BWE’s Cleveland office, originated the financing from Fannie Mae on behalf of an Ohio-based developer of senior housing. The loan will be used to take out existing construction debt and return equity to investors as the borrower plans for a long-term hold of the property. The loan features a 10-year term with three years of interest-only payments and a 30-year amortization, as well as a 100% loan-to-cost ratio, which demonstrates the strength of the property and the borrower.
“When Grove City Senior Living reached full occupancy, our client knew it was the right time to move on from their existing construction debt and find a permanent loan. We considered multiple agency options when determining the right financing for this property, and although Fannie Mae’s senior book is shrinking, the strong fundamentals of Grove City Senior Living made it an attractive property to lend to, and we secured strong terms that will allow the borrower to execute on their business plan,” said Hawkins. “As our country continues to age, the need for senior housing will only grow, and BWE is ready to help our partners find the right financing for their properties as they build and expand their portfolios.”
Located at 3615 Glacial Lane in Grove City, a suburb of Columbus, Grove City Senior Living contains 124 units in studio, one-, and two-bedroom arrangements across its independent living, assisted living, and memory care divisions. Residents have access to a wide range of state-of-the-art amenities for aging adults, including personalized support and service plans, emergency call systems, and personal transportation. Residents can also take advantage of community facilities like a library, billiards room, fitness room, and spa. Grove City Senior Living is part of the master-planned Beulah Park community, giving residents easy access to multiple parks and historic downtown Grove City.