Red Capital Partners LLC has provided a three-year, $10 million bridge loan to StoneGate Senior Living LLC for Providence Park at Tyler, a 125-bed skilled nursing facility in Tyler, Texas. The loan refinanced existing debt and will allow the borrower to pursue long-term financing options, most likely through FHA Section 232/223(f).
The corresponding permanent loan will be provided by affiliate entity Red Mortgage Capital LLC. Built in 2008, Providence Park at Tyler is located approximately 100 miles east of Dallas.
In addition to owning the facility, an affiliate of StoneGate Senior Living will manage the property. Based in Lewisville, Texas, StoneGate is the manager of 27 additional seniors housing communities located in Texas, Oklahoma and Missouri.
Headquartered in Columbus, Ohio, Red Capital Group employs more than 200 people and maintains 10 offices nationwide. Through its three operating companies, Red Capital Group has provided more than $46 billion in debt and equity to multifamily, seniors housing, health care, and other real estate properties nationwide since 1990.
Red Capital Group is a subsidiary of ORIX USA Corp., a diversified finance company with more than $5 billion in assets. ORUX is headquartered in Dallas.
Assisted Living Facility in Chardon, Ohio Sells for Nearly $4.4 Million
The Residence of Chardon, a 42-unit assisted living facility located about 40 miles northeast of Cleveland in Chardon, Ohio has sold for nearly $4.4 million. The buyer is a regional operator that utilized funds from a 1031 tax-deferred exchange for the equity, and tapped Citizens Bank for the debt.
Chicago-based Evans Senior Investments represented the seller in the transaction.
Built in 2000, the assisted living facility sits on 5.67 acres in Geauga County. At the time of the sale, the units were 100% occupied and the monthly rents ranged from $3,600 to $4,200.
Although Residence of Chardon is a stabilized asset, the buyer intends to trim expenses by reducing labor costs and maximizing economies of scale. Extra land also is available to expand the facility by 35 units.