MACEDONIA, OH-Capital Senior Living Corp. has purchased four elderly housing communities in Indiana and Ohio for $53.5 million. The properties were gained with loans of about $37.4 million through Key Bank and Oak Grove Capital.
The company recently bought the the 78-unit Green Tree of Kokomo in Kokomo, IN for $10.2 million, and the 50-unit Wynnfield Crossing in Rochester, IN and the 58-unit Keystone Woods property in Anderson, IN for $16 million. Capital gained Fannie Mae financing through St. Paul, MN-based Oak Grove for the first two communities, and has a loan expected to close on Keystone in mid-September.
Lisa Lautner, SVP with Oak Grove, said in a statement that the pace to get the properties financed was hurried. “We had 45 days to close the deal in order to meet an end-of-the-month payoff date on the seller’s bond financing,” she said.
Capital also bought the 150-unit Summit Point seniors housing property in Macedonia, OH for $27.3 million. Key Bank arranged a $19 million interim loan for the property. According to a company filing, Capital expects to obtain long-term fixed rate financing through Fannie Mae to replace the interim loan.
Provision Living LLC, based in St. Louis, was the seller of Green Tree. It is not clear if there was seller or multiple sellers of the other properties.
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