Ziegler, M&T Realty Arrange $19M Refi for Senior Housing Community
Essex Communities will use the loan to refinance existing debt on Carmel Oaks in Lakewood, Colo.
Ziegler, in a partnership with M&T Realty Capital Corp., has secured a $19.4 million Fannie Mae loan on behalf of Essex Communities. The company will use the funds to refinance the existing debt on Carmel Oak, an 81-unit senior housing community in Lakewood, Colo.
The fixed-rate, 10-year loan was structured at 75 percent loan-to-value with 5 years of interest-only payments, followed by 30-year amortization. The borrower will gain additional flexibility in future years, because of the declining payment schedule. Essex also received funding to recover capital improvement expenditures and initial equity.
Carmel Oaks is an age-restricted community encompassing one- and two-bedroom floorplans ranging between 600 and 1,650 square feet. Common-area amenities include a community room, wellness center, theater, library and computer room, salon, game and billiard room, garden area and coffee shop. In-unit amenities feature washers and dryers, kitchen appliances and storage space.
The property is located at 1811 S. Harlan Circle, near S Wadsworth Blvd., S Sheridan Blvd. and US Highway 285. There are multiple dining options, retail spaces and green areas in the proximity, such as Ruby Hill Park, Harvey Park and Bear Creek Greenbelt. Centura Porter Adventist Hospital and Swedish Medical Center are only a 15-minute drive from the community.
Ziegler’s Director Eric Johnson led the transaction for the firm, while Managing Director Matt Henning and Seniors Housing Program Manager Matthew Pipitone led the transaction for M&T. This marks the fourth Fannie Mae financing collaboration between the team and Essex since 2021.
Fannie Mae recently provided a $53.1million refinancing loan to Singh Development for a Class A senior housing community.