BridgeInvest Finances $6.8 MM Loan for Boston Assisted Living Facility
1st Priority Mortgage Loan
BridgeInvest recently closed a $6,800,000 acquisition and rehab loan for a 78-bed memory-care only, assisted living facility (ALF) in the Boston suburb of Tewksbury, Massachusetts. The loan allowed the borrower to close on the uniquely structured purchase in a timely manner as well as fund property improvements so that they could move forward with stabilizing the property. The borrower is bringing in an experienced operator to assist in managing the lease up and repositioning of the property.
Complex Transaction Structure
BridgeInvest successfully navigated the complex equity structure of the borrower as well as the unique mechanics of the sale when providing the loan.
Unique Unit Mix
BridgeInvest was able to underwrite the asset—an all memory care facility with a mix of single and double units—to understand the underlying property value and fund the proceeds needed to close on the purchase.
The loan includes reserves for property improvements and working capital that allow the borrower to add value to the property in addition to streamlining operations during the loan term.