Greystone Provides $7M Refi for Montana Senior Community
The HUD loan retires a previous acquisition financing, originated by the same lender last March.
Inspired Healthcare Capital has secured a $7.4 million HUD loan for The Lodge Senior Living community in Great Falls, Mont. Greystone, an active lender in the senior housing industry, originated the refinancing for the 70-unit assisted living community. Scott Thurman and Leor Dimant worked on behalf of the borrower.
According to the U.S. Department of
Housing and Urban Development, the Section 223(f) HUD loan carries a 2.79 percent interest rate, a 35-year term and a 35-year amortization schedule. The permanent take-out of short-term bridge financing retires a $6.8 million acquisition loan originated by Greystone last March when the owner purchased the asset for $8.4 million, Cascade County records show.
Located at 1801 Ninth St. South, the 2001-built community includes a mix of studio and one- and two-bedroom units. The new owner plans to accommodate the demand for studio apartments by converting a certain number of two-bedroom units.
The pet-friendly property features a landscaped courtyard, walking paths and an activity room. The majority of the available amenities, meals, transportation, laundry, housekeeping, ambulatory and health services are tailored to resident preferences.
The Lodge Senior Living is right next to Highland South Park, with other recreational options in the area including Meadowlark Country Club and Hickory Swing Golf Course, approximately 2 and 4 miles west, respectively. The community is in the vicinity of several health-care facilities and hospitals such as the Benefis Health System and the Great Falls Clinic Hospital.