Morning Pointe Lands $106M Refi for Senior Housing Portfolio

Greystone secured the Freddie Mac Optigo loans on behalf of the borrower.

  • Morning Pointe of Athens
  • Morning Pointe of Collegedale at Greenbriar Cove
  • Morning Pointe of Tullahoma
  • The Lantern at Morning Pointe Chattanooga
  • Morning Pointe of Greeneville
  • The Lantern at Morning Pointe Knoxville
  • Morning Pointe of Hixson
  • Morning Pointe of Frankfort

Tennessee-based affiliates of Morning Pointe Senior Living have received $106.2 million in refinancing for an eight-property senior housing portfolio, totaling 567 units. Seven of the assets are located across the state of Tennessee and one in Kentucky.

Greystone Managing Director Neal Raburn originated the Freddie Mac Optigo loans on behalf of the borrower. The fixed-rate, non-recourse financing was structured through Freddie Mac’s Index Lock program and carries a 10-year term with a 30-year amortization period. With five years of interest-only payments, the owner has access to supplemental loan financing up to 75 percent LTV.

Completed between 1997 and 2021, the senior communities offer assisted living and memory care services, featuring a mix of studio, alcove, one- and two-bedroom floorplans. 

The deals encompassed the following properties: 

  • Morning Pointe of Athens, located at 1025 Crestway Drive in Athens, Tenn. 
  • Morning Pointe of Collegedale at Greenbriar Cove, located at 9650 Leyland Drive, Collegedale, Tenn. 
  • Morning Pointe of Tullahoma, located at 711 Kings Lane, Tullahoma, Tenn. 
  • The Lantern at Morning Pointe Chattanooga, located at 7620 Shallowford Road, Chattanooga, Tenn. 
  • Morning Pointe of Greeneville, located at 324 Mount Bethel Road, Greeneville, Tenn. 
  • The Lantern at Morning Pointe Knoxville, located at 9647 Westland Drive, Knoxville, Tenn. 
  • Morning Pointe of Hixson, located at 5501 Old Hixson Pike, Hixson, Tenn. 
  • Morning Pointe of Frankfort, located at 68 C. Michael Davenport Blvd., Frankfort, Ky. 

Earlier this year, Greystone secured $116 million in refinancing for a senior housing community in the Lincolnwood suburb of Chicago. The property comprises 383 independent living, assisted living and memory care units.

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