FRESNO, Calif. — Dekel Capital, a Los Angeles-based real estate merchant bank, has placed $14.1 million in bridge financing on behalf of Mountain Capital Partners and Willis Development.
The loan allows the borrowers to retire existing construction financing and fund the continued stabilization of Kingston Bay, an assisted living and memory care development in Fresno.
Dekel Capital structured a 24-month, interest-only loan. Sitting on four acres, the 86,467-square-foot community features 107 apartments in one-bedroom and studio layouts. 24 of the apartments are reserved for memory care.