(Read more on the debt and equity markets and the multifamily market .)
STERLING, IL-Wilkinson Development, a subsidiary of Yakima, WA-based Wilkinson Corp., has started construction on Grand Victorian Sterling, an assisted living facility, here. Wilkinson received a $7.6-million construction loan from Key Bank and Fifth Third Bank. BlueStone Real Estate Capital, based in Philadelphia, secured the loan.
The loan to value is 85%, says Matthew McManus, chairman of BlueStone. The term of the loan is four years with interest only for the 48-month period and an interest rate of 7.7%.
Wilkinson also plans to construct Grand Victorian assisted living facilities in Pekin, IL and Washington, IL. Each of the facilities will have 244 units, McManus says. Key Bank and Fifth Third Bank is providing $8 million in financing for both the Pekin and Washington facilities with a loan-to-value of 85%, McManus says. Wilkinson is expected to close this month on the $16-million financing, he says.
Good Neighbor Care, a subsidiary of Wilkinson Corp., will manage the facilities. Good Neighbor Care manages 49 properties including the Grand Victorian Rockford, 3495 McFarland Rd., Rockford, IL; and Grand Victorian Sycamore, 1440 Somonauk St., Sycamore, IL.
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