Greystone placed a $22,500,000 regional bank loan for the refinance of TREEO South Ogden, a seniors housing community in Utah. Tyler Armstrong, Managing Director at Greystone, worked with the client in placing the bank loan for Leisure Care.
The regional bank loan for the 143-unit independent living community was executed as a floating rate financing carrying a 5-year term and 30-year amortization. The loan featured twelve months of interest-only payments and a mid-200 bps loan spread.
“The Leisure Care team is one of great depth of experience and quality,” said Armstrong. “It is a pleasure to have the opportunity to represent their team and an incredible community in the capital markets. We are thrilled to have been able to find a great solution for their financing needs on the South Ogden community and a new strategic banking relationship going forward.”
“The Greystone team is a true partner to us working to solve for our financing needs for this wonderful community,” said Judy Marczewski, Chief Financial Officer of One Eighty, parent company of Leisure Care. “Their team remained highly focused and involved from the start and through the ultimate closing of our financing. The focus on providing a solution for this community while also considering a deeper long term financing partner aligned well with our continued growth strategy."
Based in Seattle, Washington, Leisure Care was founded in 1976, and is one of the nation’s largest privately held retirement and assisted living companies. Leisure Care has owned, managed, developed, and consulted in all facets of the senior living business for nearly 50 years. Leisure Care currently owns and manages 51 communities totaling 7,529 units located across 18 states including independent living, assisted living, and memory care.