HFC congratulates Legacy Ridge Memory Care on its recent loan closing. Legacy Ridge is a 64-unit freestanding memory care building in Gainesville, Virginia.
Due to the pandemic, Legacy Ridge was still in fill-up when their original construction loan matured. Their lender required a $2,000,000 paydown which was provided by two investor/partners in order to obtain a 1-year extension.
HFC was then engaged to seek financing that would repay the original construction loan before its next maturity and to provide sufficient capital to repay the investors’ loans. With improving performance, HFC located less expensive commercial bank financing for $11,200,000 which met all of the owners’ objectives. The loan has a 5-year term, a floating rate of SOFR +350, and a partial guarantee that may be eliminated after 1 year of sufficient operating performance. The Legacy Ridge partners will execute on a derivative product that will fix and lower the effective interest rate.
To learn more about Legacy Ridge Memory Care, visit their website here. https://legacyridgeliving.com/