CLEVELAND — Carnegie Capital has arranged a $16 million refinancing for an assisted living and memory care community in Cleveland.
The Class A property was completed in 2017, featuring 40 assisted living units and 34 memory care units. The name of the community was not disclosed.
Two Ohio banks provided the funding, which offer five years with a fixed rate and flexible exit options. The loan refinances the original construction debt.
JD Stettin of Carnegie Capital arranged the transaction.