AZ, NC Senior Housing Lands $50M

Greystone arranged the construction financing for the assets, which will comprise a total of 386 units.
Aspens at Bedford Hills, Raleigh NC
Aspens at Bedford Hills, Raleigh, N.C.

Greystone has arranged an overall $50 million financing for the construction of two Class A senior living communities in Arizona and North Carolina. Greystone worked closely with regional banks who provided the debt for Aspens Senior Living.

“Having worked with Greystone to sell and finance a number of our seniors housing assets over the years, we were thrilled that they could also place attractive construction financing for our two newest communities,” said Barry Metcalf, principal of Aspens Senior Living, in a prepared statement.

Construction underway 

A publically-traded bank provided a $25.8 million loan for the construction of The Aspens at Mariposa Point in the Phoenix metro area. The 204-unit, 55+ community is a joint partnership between Aspens Senior Living, McFarlin Group and Pennybacker Capital.

A separate $24.2 million loan was provided by a regional bank for the construction of The Aspens at Bedford Falls in the Raleigh, N.C. metro area. The 62+ community will offer 182 units and has been developed by a joint venture between Aspens Senior Living and Pennybacker Capital.

Both communities have broken ground this year and will feature exclusive amenities like a bistro and theater.

Last month, Greystone represented the seller in the $110 million transaction of a 1,140-unit Florida senior housing portfolio.

Rendering courtesy of Greystone