Closed: $3.39MM ALF Conventional Loan
Liberty SBF has closed a $3.39MM conventional loan for the refinancing of Palm View Retreat, 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, Oakwood Senior Care, LLC ‘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 Palm View Retreat is a transitional facility for mentally challenged adults, which prepares residents for independent living. Oakwood Senior Care, LLC purchased Palm View Retreat for $842K and spent $1.236MM on renovations and improvements. 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.