BAY CITY, Mich. — Berkeley Point Capital has provided an $8.9 million FHA 232/223(f) loan to refinance Sheffield Bay Assisted Living & Memory Care, a 66-unit seniors housing community in Bay City, approximately 100 miles north of Detroit.
Built in 1999 and newly redecorated, Sheffield Bay features a mix of 37 assisted living units and 29 secured memory care units. The borrower was not disclosed.
Mickey Rist of Berkeley Point Capital led the transaction. The loan features a 35-year term.