Red Capital Advisors LLC, the merchant banking arm of Red Capital Group, has provided $19.2 million in bridge financing to Premier Senior Living Group LLC for the acquisition of three assisted living and memory care communities in north central Ohio.
The facilities include the Inn at Fountain Park in Bryan (93 units), The Inn at Orchard Park in Bucyrus (40 units), and The Inn at Westbrook in Upper Sandusky (50 units). Red Capital Advisors, based in Columbus, Ohio, made the announcement in a Jan. 6 press release.
The balance sheet financing provided by Red Capital Advisors facilitated the acquisition of the three
The transaction was Red Capital Advisors’ first after suspending its bridge, gap and other principal lending activities while it was owned by a commercial bank parent entity. A sale from that entity was completed in May 2010, thereby allowing Red Capital Advisors to reposition itself as a stand-alone debt and equity capital provider in the
Premier Senior Living Group is an owner and operator based in
Robert Borsody, a principal of Premier Senior Living Group, acknowledges that this particular bridge financing transaction presented some unusual obstacles. Still, he’s already looking ahead to the next potential
“In addition to processing the permanent FHA financing for this portfolio of assisted living properties for Premier Senior Living, we also are working with Red Capital on two assisted living acquisitions in Florida and look forward to working with them in the future since they deliver what they promise,” says Borsody.
Red Capital Group provides capital across the spectrum of projects, ranging from independent living and assisted living through skilled care and community hospitals. Red Mortgage Capital has closed more Fannie Mae DUS seniors housing transactions than any other DUS lender since inception of the Fannie Mae program for seniors housing in the late 1990s.