Vitality Living has received a $28.2 million refinancing package for Traditions of Mill Creek, a newly built, 130-unit senior living community in Brentwood, Tenn. Synovus Bank provided the mortgage, which matures in 2025, according to Davidson County records.
The new note retires a $21.4 million construction loan originated by Trustmark National Bank in 2018. The borrower had acquired the community’s 4-acre parcel for $1.2 million from a private investor in March of the same year, public records show. A partnership between Southern Building Group and Winterpast Capital Partners delivered the property in February.
Located at 7110 Southpoint Parkway, Traditions of Mill Creek has 24 memory care, 47 assisted living and 59 independent living units, according to Environments for Aging. Floorplans range in size from studios to two-bedroom apartments. On-site amenities include three communal dining rooms, two movie theaters, a gym and a spa. Several dining and shopping options are available in the nearby area, and the community is roughly 15 miles south of downtown Nashville.
As the COVID-19 pandemic continues to impact all real estate sectors, senior living properties could face significant challenges, according to a recent Marcus & Millichap report. Staffing shortages have become more pronounced while occupancy rates have risen, and the delicate nature of the asset type precludes any kind of one-size-fits-all approach.