Greystone Places $27.1 Million in Regional Bank Financing for Senior Housing Community in South Carolina

December 27, 2022

Greystone placed a $27,050,000 regional bank loan for the refinance of Merrill Gardens at Columbia in South Carolina. Tyler Armstrong, Managing Director at Greystone, worked with the client in placing the bank loan for AEW Capital Management and Merrill Gardens.

The regional bank loan for the 120-unit independent living and assisted living community was executed as a floating rate financing carrying a 5-year term and 30-year amortization. The loan featured three-years of interest-only payments and a mid 200 bps loan spread.

“Two highly respected best in class firms like AEW Capital Management and Merrill Gardens make for an incredible partnership in the seniors housing community and capital markets space,” said Armstrong. “They are a partnership that is highly sought after from a relationship perspective with lenders across the country and we were honored to represent them in the refinance of this class A community.”

“The Greystone team has worked on our behalf through several transactions over the past year and in each case, they were able to execute above our expectations,” said Brian Sunday, Managing Director of AEW Capital Management. “The seniors housing capital markets team at Greystone continues to impress with not only their detailed and dedicated approach to each of our refinances but also the depth of their lending relationships in the market,” said Doug Spear, Chief Financial Officer of R.D. Merrill Company, parent of Merrill Gardens.

Founded in 1981, AEW actively manages portfolios in both the listed and direct property markets across the risk/return spectrum. AEW’s investment management platform spans four continents allowing clients to take advantage of opportunities across the globe. As of December 31, 2021, AEW and its affiliates have over 780 employees who manage approximately $93.0 Billion of real estate assets and securities on behalf of its 400+ institutional and private investor clients.

Merrill Gardens has been one of the premier seniors housing operators since its inception in 1993, when it purchased its first seniors housing community in Seattle, Washington. Headquartered in Seattle and privately owned, Merrill Gardens has a strong regional presence along the West Coast and a long development track record. Currently Merrill Gardens manages 67 communities in 17 states. The continues to be led by fifth generation family member Cole Wright as chairman along with Tana Gall as President.

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