National multifamily lender Green Park Financial closed a $175 million credit facility in mid October for a portfolio of seniors housing properties owned by a joint venture managed by Benchmark Assisted Living LLC. The credit facility was used to finance 11 cross-collateralized independent living, assisted living, and Alzheimer’s facilities consisting of 773 beds.

“At the beginning of 2007, we closed almost $300 million in loans in this credit facility,” says Thomas Grape, chairman and CEO of Benchmark Assisted Living. “Based on how pleased we were with that, we are delighted to expand this facility to accommodate this newest acquisition.”

The seniors housing properties are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. The credit facility was underwritten with a 72% loan-to-value ratio and structured into two equal components, $87.5 million each.

The first part of the credit facility has a 10-year term with five years of interest only payments and a 30-year amortization. The second part has a five-year term at a fixed rate with the option for the borrower to extend to a sixth year at a floating rate. The second portion also has five years of interest only payments and a 30-year amortization.