TUCSON, Ariz. — Columbia Pacific Advisors, through is bridge lending platform CPIF Lending, has provided a $6.2 million loan to Frontier Management.
The borrower will use the short-term bridge loan to refinance the construction debt held by Catalina Springs Memory Care, a 48-unit memory care community in Tucson.
The 24-month, interest-only financing includes a 12-month extension option. The deal will allow Frontier to free up financing for the next development in its pipeline, while also providing funding for the stabilization of Catalina Springs.
Frontier expects to pay off the loan within 18 months. At loan closing the underwritten loan-to-value ratio was 66 percent, and at stabilization will be 56 percent.