Homestead Senior Living received financial help for a 195-unit senior housing community.
RED Capital Partners LLC recently arranged a $36.4 million first mortgage construction loan for Homestead Senior Living LLC. The balance of the capital stack was provided by an institutional private equity group and Regional Capital Group, which will provide EB-5 financing along with sponsor’s equity.
The joint venture between Pike Senior Housing Partners LLC and Solvere Senior Living is set to develop the 195-unit Class A seniors housing community located in Hamilton. Dubbed Homestead at Hamilton, the community will include 96 independent living units, 75 assisted living units and 24 memory care units.
“The creativity, flexibility and perseverance of the entire RED team was outstanding. This transaction presented unique challenges through the underwriting process,” said David Weiner, principal, Pike Seniors Housing Partners LLC.
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