Closed: $3.39MM ALF Conventional Loan
Liberty SBF has closed a $3.39MM conventional loan for the refinancing of a 16-unit adult residential facility located in Vallejo, CA. The loan will refinance the existing debt on the property, and provide funding for the borrower’s acquisition of a 49-bed assisted living facility in Mill Valley, CA.
Built in 1965 and with 100% occupancy, the 16-unit, 32-bed transitional facility for mentally challenged adults prepares residents for independent living. The appraised value for the Mill Valley property was $7.0MM, excluding business value of $700K. Liberty’s 1st Lien represents an as-is LTV of 48.5%. The principal guarantors have more than seven years of experience in the development, rehabilitation, and management of senior/adult care facilities.