HIGH SPRINGS and ORLANDO, Fla. — Bank Leumi USA, a full-service commercial and private bank, has provided $16.7 million in total refinancing to Plantation Oaks Senior Living Management, a Florida-based owner/operator.
The first loan is secured by a first mortgage on an existing seniors housing community located in High Springs, comprised of 37 assisted living units and 29 memory care units. The credit facility was structured with a $5 million initial funding and a $1.2 million earn-out.
The second credit facility is secured by an existing senior housing community located in Orlando, comprised of 17 independent living units, 86 assisted living units and 22 memory care units. The $10.5 million financing was structured with an initial funding of $5.4 million, a $3.5 million holdback to fund the expansion of a 48-unit memory care building and a $1.6 million earn-out.
Both of these loans refinanced existing debt, lowered the interest rate and provided a dividend to the owners of the communities. The fixed-rate loans have a five-year term and are intended to serve as a bridge to agency financing or to the future sale of the communities.
Hely Santeliz of Bank Leumi led the team that structured the loan.