KeyBank Real Estate Capital has provided a $13.5 million Fannie Mae, first mortgage loan for the refinancing of Chatham Ridge Assisted Living in Chapel Hill, N.C. The assisted living and memory care facility was built in 2015 and features 60 units.
The fixed-rate loan with a 10-year term and two-year interest-only period has a 30-year amortization schedule. KeyBank Senior Vice President Charlie Shoop arranged the refinancing.
The property is located at 114 Polks Village Lane, adjacent to Route 501 (U.S. Highway 15/501), in the southern part of the town. Central Chapel Hill is a 13-minute drive away, while Durham, N.C. is a 17-mile drive of the site. The closest retail, entertainment and dining center is located within one mile of the property.
Chatham Ridge Assisted Living offers a variety of services, such as:
- 24-hour access to certified nursing assistants
- emergency response system
- life enrichment program including outings and daily activities
- medication management
- restaurant-style dining
- scheduled local transportation to professional appointments
Earlier this month, KeyBank Community Development Lending & Investment originated $14.2 million in construction financing for the renovation of two affordable senior housing communities in Buffalo, N.Y.
Image courtesy of KeyBank Real Estate Capital