Memphis-Area Senior Communities Land $29M Refi
- Mar 25, 2020
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.