MONROE, NJ–Walker & Dunlop has provided a $14.5 million bridge loan for the refinancing of the Chelsea at Forsgate assisted living facility here.
The borrower is a joint venture among Artemis Real Estate Partners, Focus Healthcare Partners and Chelsea Senior Living. Chelsea manages the property and 11 other senior housing properties in New Jersey.
Chelsea at Forsgate is a 120-unit facility, built in 1996 and purchased by the partners early last year. The partners, operating at AFC Forsgate, have made substantial changes to operations and also invested in upgrading the property.
About $800,000 was spent to improve the building's common areas and install new floors, bathroom vanities and kitchenettes in the units.
John Pantone and Jim Cope led the Walker & Dunlop team that structured the 3-year interest-only cash-out transaction. Pantone and Cope incorporated the borrower's continuing property improvement plans into the financing. Plans call for upgrading exterior amenities, modernizing the central kitchen and creating a multi-sensory therapy room in the facility's memory care unit.
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