Location:
4050 Horton Street
Emeryville, California
Client:
AgeSong
Fidelity Investments
Property: A to-be-built assisted living facility containing 127 living units, dining facilities, administrative offices and 47 enclosed parking spaces.
Assignment:
Secure 75% of costs for the speculative development of an assisted living facility, including a dementia unit and hospice care.
Challenges:
Sponsor required a 4 year loan with extension options
High leverage request on speculative development of niche product type
Loan placed and closed in a deteriorating and severely restricted global credit environment
Results:
$44,000,000 construction loan
Loan Term: 48 months with two 6-month extension options
