AEW JV Lands Financing for SC Senior Housing

Image courtesy of Mohamad Hassan via pixabay

AEW Capital Management and Merrill Gardens have secured a $27.1 million regional bank loan for the refinancing of a senior housing property in Columbia, S.C. The financing was provided by Greystone.

The refinancing came in the form of a floating rate loan carrying a five-year term and 30-year amortization. It features a mid-200 bps loan spread and three years of interest-only payments.

Merrill Gardens at Columbia, the 120-home independent and assisted living community set to be refinanced, is situated at 2205 Gregg St. Community amenities at the Class A property include a library, salon, movie theater, restaurant with anytime dining and meeting spaces, and patio and balcony options. Residents have access to weekly housekeeping, transportation and around-the-clock staffing.

Tyler Armstrong, managing director at Greystone, worked on behalf of the clients in the deal.

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In prepared remarks, Doug Spear, CFO of R.D. Merill Co., the parent company of Merrill Gardens, said that Greystone’s senior housing capital markets team has continued to execute strong refinancing deals for multiple senior housing communities.

Earlier this year, Greystone arranged a similar refinancing for a Chicago senior living community. The 383-unit property landed a $116 million loan to further its success.