Denver MSA ALF, needs $9.25M Bridge Loan

[Alim Abrahim]

I need help - Looking to raise $9.25M for a 90-suite Assisted Living Facility in the Denver MSA

Total Stabilized Revenue: $4,174,236

Stabilized NOI: $1,420,609

Sponsor is a seasoned in the ALF industry and is seeking highest LTV on acquisition cost for a term of 1-2 years. Please see details below:

Sponsor is engaged in a 1031 exchange and is under contract to purchase a 90-suite extended stay in Colorado.

The deal must close by September 28, 2018 for the 1031 deadline.

The property is currently under contract at $8.5M, however we are asking for $9.25M

Sponsor is putting $2M of their own cash into the project.

Total project cost of $11.25M

The sponsor has owned a 70 unit memory care unit, which they have since sold.

The sponsor will be utilizing a professional management company to run the property.

The sponsor has engaged a building code consultant who has told us there are no major code issues and provided a written summary.

The sponsor is in the process of hiring an architect to prepare preliminary drawings for construction estimates from contractors.

An Assisted Living Market Analysis firm has been hired and we should receive their report in the next week or so.

Thanks - let me know if this is in your wheelhouse. Alim