Greystone provided a $40,387,000 Fannie Mae DUS loan for the refinance of The Delaney at South Shore, located in League City, TX. Tyler Armstrong, Managing Director at Greystone, originated the Fannie Mae loan for LCS, parent company of Life Care Services.
The Fannie Mae loan for the 204-unit community was executed as fixed-rate, non-recourse financing carrying a 10-year term and 30-year amortization. The loan featured five years of interest-only payments.
“We appreciate the partnership with the LCS team that we have had for many years and the opportunity to grow their agency relationship,” said Armstrong. “LCS remains a highly regarded owner, operator and developer of senior housing communities on a national level. We greatly value their ongoing trust in our team to represent them in the capital markets and to execute on their financing needs.”
“We are appreciative of the Greystone team’s detailed focus on this financing in a challenging rate and lending environment,” said Sarah Dorr, Vice President/Managing Director of Real Estate and Corporate Debt for LCS. “Their team provided us with multiple executable financing options, and we were ultimately able to transact on a structure that accomplished our financing objectives with favorable structure and terms.”
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. LCS was founded as a development company in 1971 and 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.