Alexandria Senior Housing Receives $50M Financing From BWE
The loan is part of a larger $151 million financing for nine senior facilities across the U.S.
Bellwether Enterprise Real Estate Capital (BWE), a mortgage banking company, has closed five loans totaling $151 million to finance nine assisted living and memory care communities across the United States.
Bonaventure, an Alexandria, Va.-based developer, will receive a $50 million construction loan for the development of Aspire Alexandria, a 133-unit senior living facility located at 1112 First Street in Alexandria, Va.
The financing is a non-recourse construction loan, secured from a debt fund.
“Aspire Alexandria is being developed by a well-established vertically integrated real estate developer in a highly occupied submarket for independent living, which also boasts very strong demographic trends,” Ryan Stoll, national director of senior housing and care at BWE, told Commercial Observer. “In this challenging operating environment for our industry, our clients need creative financing solutions to help them continue to execute their business plans, and provide excellent care to the seniors they serve.”
The community is projected to open in January 2024.
“Within the monthly rental rate, amenities include 30 meals per month, 24-hour concierge desk service, transportation, a robust schedule of planned recreational activities, a movie theater, housekeeping and a variety of wellness, health and safety features to provide a safe and active lifestyle for the area’s seniors,” Stoll said.
BWE also facilitated a $64.7 million Fannie Mae loan to finance four assisted living and memory care communities across the northeast for Bridge Investment Group; a $29.6 million refinancing of The Pineapple House at Sapphire Lakes, a recently constructed, two-story, 122-unit assisted living community in Naples, Fla.; and a $7.2 million refinancing of Paradise Living Centers, three assisted living and memory care communities in Phoenix, Ariz.
The financing for Aspire Alexandria was originated by Stoll and Taylor Mokris, senior vice president of senior housing and care in BWE’s Charlotte, N.C. office, along with Peter Borstelmann, executive vice president in BWE’s Pittsburgh, Pa.-based office.
Requests for comment from Bonaventure were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.