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| Jenifer Williams |
UNIONDALE, NY (June 24, 2014) - Arbor Commercial Mortgage,
LLC (“Arbor”), a national, direct commercial real estate lender, announced the
recent funding of $9,922,900 for two assisted living facilities, Oliver
Woods Retirement Village in Owosso, MI, and Marycrest Assisted Living in
Denver, CO.
The financing for both loans was funded under the Federal
Housing Administration (FHA) 232/223(f) LEAN mortgage insurance program.
With
Arbor’s dedicated FHA Seniors Housing and Healthcare platform continuing to
expand, the owners of both facilities were able to use Arbor’s expertise to
assist them through the complexities of the FHA mortgage insurance application
process, enabling the transactions to close quickly.
“Arbor’s process was very efficient and their experience
with FHA transactions helped support a smooth borrowing experience,” Oliver
Woods’ ownership stated.
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| Oliver Woods Retirement Village, Owosso, MI |
The $6,497,900 loan for the 80-unit Oliver Wood Retirement
Village is comprised of a 35-year term with a 35-year amortization.
The
property was built in four phases between 2004 and 2012 and is comprised of
four buildings, two of which are designated for general assisted living and two
of which focus on residents with greater care needs.
Common areas include a
central dining room, several activity centers and a library. Each unit has
staff-monitored emergency pull chords in the bathrooms and bedrooms. Most of
the one-bedroom units contain kitchenettes and each unit has individually
controlled heating and air conditioning.
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| Marycrest Assisted Living Center, Denver, CO |
“Oliver Woods is a strong investment among many in the
owner’s portfolio.
"As such, in this deal he was able to lock in extremely
favorable financing terms for 35 years, which was only available through the
FHA platform,” explained Jenifer Williams, AVP, FHA Deputy Chief
Underwriter in Arbor’s Allen, TX, office.
“Beyond providing the competitive terms, Arbor was also
pleased to be able to take its standard hands-on approach with the transaction,
which enabled it to close in an expeditious manner, providing the owner with
his funding that much faster and easier.”
The $3,425,000 loan for the 138-unit Marycrest Assisted
Living facility is also comprised of a 35-year term with a 35-year amortization.
The non-profit facility opened in 1998 and serves elderly and developmentally
disabled adults.
The project was built on land belonging to The Sisters of St.
Francis, who had used the greater convent campus since 1900 to serve homeless
adults and provide education for low-income children.
The Marycrest project was originally financed as a risk-share
between the Colorado Housing Authority and the U.S. Department of Housing and
Urban Development and has been an important part of the City of Denver’s plan to
preserve affordable housing options.
“Arbor was very pleased to be able to facilitate a
low-interest 35-year HUD loan with Marycrest,” Williams said. “It secured the
project’s ability to serve an at-risk population for the foreseeable
future.”
For a complete copy of the company’s news release, please
contact:
Christopher Ostrowski COstrowski@arbor.com
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