BridgeForth Capital Refinances Charlotte-Area Senior Community
- Jun 10, 2020
BridgeForth Capital has obtained $19.8 million in financing for HarborChase of Riverwalk, an 88-unit, 92-bed assisted living and memory care community in the Charlotte suburb of Rock Hill, S.C.
The loan retires existing $17.5 million debt provided by an affiliate of OZ Real Estate in 2018. Cushman & Wakefield worked on behalf of the borrower in securing both transactions.
HarborChase of Riverwalk opened in February at 749 Dunkins Ferry Road, within the 1,000-acre Riverwalk master-planned development that includes residences, restaurants and retail. The two-story building encompasses 63 assisted living units and 25 memory care units. Harbor Retirement Associates operates the senior community, providing full-service dining, housekeeping and laundry services.
Situated some 21 miles south of downtown Charlotte, HarborChase of Riverwalk is close to various shops and restaurants spread alongside U.S. Route 21. The property is roughly 5 miles northeast of the city center.
Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner and Senior Director Tim Hosmer were part of the Cushman & Wakefield team securing the deal. Last April, the brokerage firm arranged the $26.4 million refinancing of a 148-unit assisted living and memory care community in Fairfield, Calif.
In November, Prime Care Properties LLC received a $285 million bridge loan to refinance a 13-property portfolio that also included two HarborChase-branded communities. The portfolio consists of 1,081 assisted living, 301 memory care and 85 skilled nursing units across seven states.