Memphis-Area Senior Communities Land $29M Refi

1 min read

Greystone originated the HUD-insured financing for the two facilities, which total 205 units.

Germantown Plantation Senior Living
Germantown Plantation Senior Living. Image via Google Street View

Germantown Plantation Retirement Communities LLC has received $29.4 million in HUD-insured loans for Germantown Plantation Senior Living, a 106-unit senior community in Germantown, Tenn., and Silvercreek Senior Living Community, a 99-unit property in Olive Branch, Miss.

Both facilities offer independent and assisted living services. Greystone’s Lisa Fischman originated the financing with low, fixed-interest rates.  

The $12.2 million HUD A(7) refinancing for Germantown Plantation Senior Living has a 40-year term and amortization. The loan proceeds will go towards capital improvements at the property. Located at 9293 Poplar Ave., the 2005-completed facility encompasses one- and two-bedroom apartments ranging from 640 to 1,212 square feet. The 4.5-acre property is 25 miles southeast of downtown Memphis, just east of Shops of Forest Hill, and 5 miles southeast of a 161-unit senior development slated for completion this summer.

Silvercreek Senior Living Community benefited from HUD’s Interest Rate Reduction (IRR) program applied on the existing $17.2 million loan Greystone had secured in 2017. The facility at 6630 Crumpler Blvd. offers studio, one- and two-bedroom units. Onsite activities and amenities include transportation, a fitness center, banking and salon services. Situated some 23 miles southeast of Memphis, the community is near U.S. Route 78, across from Cherokee Valley Golf Club.

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.