Greystone Assists Oakmont Senior Living in Obtaining Additional $23.5 Million for New Facility in Carmichael, CA
July 21, 2015
Freddie Mac Revolving Credit Facility Enables Construction Loan Take-Out Option With No Recourse, Interest-Only and No Occupancy Requirement
Greystone announced it has assisted Oakmont Senior Living in obtaining $23,500,000 as an additional tranche to its $150 million Freddie Mac Revolving Credit Facility provided in December 2013. The new tranche ultimately provided funding for Oakmont of Carmichael, a new 71-unit assisted living and memory care facility in Carmichael, CA.
Construction of Oakmont of Carmichael was completed in September 2014, enabling Oakmont Senior Living to take out the construction loan with non-recourse, interest-only debt from the revolving credit line within just nine months of opening. The facility offers extensive and tailored care services as well as a spa, fitness center, salon, theater, manicured gardens, library, complimentary concierge and chauffeur services, and diabetes wellness program.
“The Freddie Mac Revolver is a fantastic financing product for clients with an active development or acquisition pipeline,” said Scott Kavel, Managing Director of Greystone’s Seniors Housing Team. “The ability to take out the construction loan with no ongoing occupancy requirement and provide low floating rate, non-recourse debt on an interest-only basis while the property stabilizes – and seasons prior to being taken out with a permanent loan – is a win-win for the client.”
“With our active portfolio of luxury seniors care facilities, the Freddie Mac Revolving Credit Facility serves as a dependable financing platform for expansion,” said Joe Lin, CFO, Oakmont Senior Living. “Greystone’s flexibility and management of the financing platform as we continue to pursue new locations and opportunities has helped us to focus on the strategic aspects of expanding our business.”