Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has procured $17,424,900 million in financing for the construction of Sycamore of River Falls, a senior housing property at 706 Sycamore Street in River Falls, Wisconsin. The financing was exclusively arranged by MMCC’s Michael Hughes, vice president, based out of the Milwaukee office.
“Senior housing owners and operators are making strategic investments in operations so that they can continue to meet increasing demand,” said Hughes. “The lender community showed great interest in this well located asset. .”
The loan has an 84-month term, LTV of 70 percent and an interest rate of 3.7 percent. The property consists of a three-story main building which contains 85 units, broken down with 16 memory care units, 39 independent units and 30 assisted living units. There are also two duplex buildings that feature four independent units and 50 underground parking spaces. The property includes conference and dining rooms, a full commercial kitchen, fitness center, entertainment room, medical consulting room, a laundry room, a spa room with a therapy tub, a bocce ball court and a gazebo. The property is located nearby to the town’s Main Street and is in close proximity to green spaces such as Glen Park, and local universities and businesses.