Greystone Arranges $50 Million in Construction Financing for Seniors Housing in AZ and NC
December 12, 2017
Greystone announced it has arranged $50,026,005 in total financing for the construction of two Class A senior living communities in Arizona and North Carolina. Greystone worked closely with regional banks who provided the debt for Fort Worth-based Aspens Senior Living and its joint venture and operating partner Surpass Senior Living, which is based in Dallas. Aspens Senior Living is focused on providing luxury senior living communities to the active, middle-income senior population.
A $25,767,899 loan for the construction of The Aspens at Mariposa Point in the Phoenix, AZ metro area was provided by a publicly-traded bank. The 55+ community will comprise 204 units in a variety of attractive floor plans, as well as a number of luxury amenities including a bistro and theater. The project is a joint venture between Aspens Senior Living and McFarlin Group, and will be operated by Surpass Senior Living. Construction began on the community in August 2017.
A separate $24,258,106 loan for the construction of The Aspens at Bedford Falls in the Raleigh, NC metro area was provided by a regional bank. The 62+ community, developed by Aspens Senior Living, will offer 182 units and will be operated by Surpass Senior Living. Bedford at Falls River has consistently been ranked as one of the best Master Planned Communities in the U.S. A range of services and amenities will be provided to residents including a bistro and theater. Construction began on the community in October 2017.
“Having worked with Greystone to sell and finance a number of our seniors housing assets over the years, we were thrilled that they could also place attractive construction financing for our two newest communities,” said Barry Metcalf, Principal of Aspens Senior Living. “We look forward to working with Greystone as we continue to execute upon our long-term business plan of providing best in class housing to seniors.”
“We aim to provide a fully integrated suite of real estate services, from investment sales to construction, acquisition and permanent financing. Similar to Aspens Senior Living, we take a long-term approach to providing a best-in-class experience and feel very fortunate to work with such great clients on a daily basis,” said Cary Tremper, Managing Director, Greystone.