Cambridge Realty Capital Companies has successfully arranged a $5,950,000 conventional loan for the acquisition of Twilight Haven Senior Living in Fresno. The buyer, a California limited liability company, was able to secure this fully-amortized 25-year loan with the assistance of Brent Holman-Gomez, SVP at Cambridge. The underwriting process was handled by an industrial bank based in Utah.
Twilight Haven consists of 60 independent living units and 116 assisted living beds along with 50 skilled nursing care beds. This assisted living facility primarily serves clients enrolled in the Medi-Cal Assisted Living Waiver program.
According to Holman-Gomez, this acquisition presented a unique opportunity for the nonprofit seller to transfer ownership to a for-profit buyer and turn around their business operations. He also mentioned that despite challenges such as bankruptcy and current credit market conditions, this transaction had an impressive high loan-to-cost ratio within industry standards which allowed the borrower to expand their business while minimizing cash requirements.
The article “Fresno Senior Living Acquired Out of Bankruptcy” originally appeared on Connect CRE.
