Greystone Closes $18.8 Million in Financing for Seniors Housing in Michigan
Greystone placed $18.8 million in financing for a 136-unit independent living community in Warren, Michigan. The transaction was handled by Greystone’s Seniors Housing Capital Markets Team, including Tyler Armstrong and Matthew Miller, on behalf of AEW Capital Management and REDICO, a national real estate development and investment firm.
The financing, closed with a large regional bank, provides a 3-year term. The property, managed by American House Senior Living Communities, one of the country’s largest owners and operators of senior living communities and an affiliated company of REDICO, includes studio, one-bedroom, and two-bedroom apartments. The community features a full physical and occupational therapy gym, billiards and poker room, movie theatre, bistro, indoor atrium and many other amenities. Residents enjoy salon and barber shop services, chef-prepared meals, life enrichment and wellness programming and more.
“We aim to provide a fully integrated suite of financing options, from construction to acquisition and permanent financing, and we are thrilled to have worked with the AEW and REDICO industry professionals on a solution that best fits their needs,” said Cary Tremper, head of Greystone’s Seniors Housing Capital Markets Team.