Greystone placed a $30,000,000 loan from a national bank for the refinance of The Delaney at Lake Waco, located in Texas. Tyler Armstrong, Managing Director at Greystone, worked with the client in placing the bank loan for LCS, the parent company of Life Care Services.
The national bank loan for the 169-unit independent living, assisted living, and memory care community was executed as a floating rate financing carrying a seven-year term and 30-year amortization. The loan featured three years of interest-only payments and a mid 200 bps loan spread.
“We are grateful for the opportunity to build upon our partnership with the LCS team through this most recent engagement,” said Armstrong. “It’s truly a privilege to represent one of the nation’s most respected owner, operator, and developers of senior housing communities. The quality of the LCS team shines through, and it speaks very well to the market of lenders.”
“We value the Greystone team’s tailored approach and attention to our specific needs,” said Sarah Dorr, Vice President/Managing Director of Real Estate and Corporate Debt for LCS. “The Greystone team delivered terms that provided the flexibility we needed to execute successfully on our community-level strategy.”
Life Care Services, an LCS Company, manages and supports a variety of senior living communities nationwide. As the third largest manager of rental senior living communities and Life Plan Communities, LCS serves more than 40,000 seniors among its 140 managed communities. Founded as a development company in 1971, LCS is now a fully integrated family of five companies that allow for unsurpassed vertical efficiency in the areas of real estate, management, development, group purchasing, and reinsurance.