Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today that it served as a financial advisor on two separate transactions totaling over $47 million to refinance two assisted living and memory care communities. The first is a $28,802,500 loan to refinance an assisted living and memory care community in the Chicago metropolitan area on behalf of affiliates of a senior housing focused private equity firm. The second is an $18,600,000 loan to refinance an assisted living and memory care community in Morgan Hill, CA (Westmont of Morgan Hill located at 1160 Cochrane Rd.), on behalf of affiliates of Westmont Living.
Ryan Stoll, BWE’s National Director of Seniors Housing and Care, and Taylor Mokris, Senior Vice President for Seniors Housing and Care, originated the loans through regional banks on behalf of the borrowers.
“In today’s challenging operating and capital markets environment, seniors housing owners need flexible financing to be able to execute their project-level and fund-level investment strategies,” said Stoll. “We are very proud that our clients continue to trust us to optimize their debt structure to do just that.”
Despite the challenges of a rising interest rate environment and inflation, both of which have affected the seniors housing capital markets, BWE ran a competitive process and sourced multiple quotes for each borrower. The refinances will allow the borrowers to weather challenges of wage and expense pressures in their respective markets and effectuate continued margin expansion.
The loans included favorable pricing, interest only periods and covenant structures, among other benefits to the borrowers. The Chicago loan includes a four-year term with a 30-year amortization, and the Morgan Hill loan includes a four-year term. In each case, the loans were placed with a regional bank with a national focus on seniors housing, which established new strategic banking relationships for the borrowers.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate.
BWE is a national, full-service commercial and multifamily mortgage banking company. Partnering with Enterprise Community Partners, Inc., BWE has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, we provide clients with competitive, creative solutions for their financing needs. BWE provides loans for a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Optigo™ seller/servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.
