$4,410,000 Assisted Living (504 Project) Expansion Loan Closed

513 Capital, a Cincinnati based finance intermediary, is pleased to announce the closing of a $4.41MM, 85% of cost, expansion loan for an Assisted Living operation in Oregon.  The loan was completed with a bank partner/interim lender, and approved with a SBA 504 debenture.

The borrower, who has an existing 5 bed Adult Foster Care, recognized Assisted Living demand in the market and sought to expand to a 30 bed Assisted Living with memory care facility. The loan refinanced existing debt and will provide construction funds of almost $3.4MM to do this major expansion. Attractive rates and terms on both the senior lender and the SBA debenture fixed around 5%.

513 Capital specializes in bank, SBA, CMBS, and private commercial real estate funding.