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STAFFORD, TX-The Houston owner of a fully occupied assisted living facility, Oasis Lifestyles, has nailed down new bridge financing. The $6.5-million loan has an adjustable rate and three-year term.

Tucker Knight, a Houston director in Holliday Fenoglio Fowler LP, tells GlobeSt.com that Oasis Ft. Bend Ltd. got a 65% loan-to-value package from Southern National Bank of Texas for a 102-bed facility at 11919 W. Airport Blvd. on the Stafford-Meadows Place border. "Not many lenders understand this type of asset class," he says. "Southern National liked the real estate and was able to get comfortable with the asset because it has good cash flow."

The loan's arranger says the Houston-based investment group acquired the 69,750-sf Oasis Lifestyles, built in 1987 and renovated in 1995, in December 2004. Tucker says the owner plans to develop a senior-focused campus on the 14-acre site, adding medical office space, expanding the assisted living and Alzheimer's component and building an acute-care hospital.