Real Estate Weekly
Image default
Debt & Equity

Greystone secures $50M from regional banks to fund senior homes construction

Greystone announced it has arranged $50,026,005 in total financing for the construction of two Class A senior living communities in Arizona and North Carolina.

Greystone worked with regional banks who provided the debt for Fort Worth-based Aspens Senior Living.

A $25,767,899 loan for the construction of The Aspens at Mariposa Point in the Phoenix, AZ metro area was provided by a publically-traded bank.

The 55+ community will comprise 204 units in a variety of attractive floor plans, as well as a number of luxury amenities including a bistro and theater. The project is a joint venture between Aspens Senior Living, McFarlin Group and Pennybacker Capital. Construction began on the community in May 2017.

A separate $24,258,106 loan for the construction of The Aspens at Bedford Falls in the Raleigh, NC metro area was provided by a regional bank.

The 62+ community, a joint venture between Aspens Senior Living and Pennybacker Capital, will offer 182 units. Bedford Falls has consistently been ranked as one of the best Master Planned Communities in the U.S. A range of services and amenities will be provided to residents including a bistro and theater. Construction began on the community in July 2017.

“Having worked with Greystone to sell and finance a number of our seniors housing assets over the years, we were thrilled that they could also place attractive construction financing for our two newest communities,” said Barry Metcalf, Principal of Aspens Senior Living. “We look forward to working with Greystone as we continue to execute upon our long-term business plan of providing best in class housing to seniors.”

“We aim to provide a fully integrated suite of services, from investment sales to construction, acquisition and permanent financing. Similar to Aspens Senior Living, we take a long-term approach to providing a best-in-class experience and feel very fortunate to work with such great clients on a daily basis,” said Cary Tremper, Managing Director, Greystone.

(Visited 1 times, 1 visits today)

Related posts

Landlords call on Hochul to allocate $2B to emergency rent assistance program

REW

Flex space co. Mindspace raises $72M for push into US market

REW

GHP secures $20M loan to spruce up office park for new tenants

REW