Plano Hotel Converting to Assisted Living Facility

Eastern Union has arranged $20.4 million in refinancing toward the conversion of a six-story, 137-unit hotel in Plano, into an assisted living residential community. The transaction was originated and managed by Meir Abrahamson, a senior loan consultant with Eastern Union. 

The property, which recently ceased operations as a Deluxe Inn, was formerly a Comfort Inn. It features single-loaded interior corridors, brick veneer, and wooded verges, was built in 1984 and renovated in 2005. The seller was Maheshbhai T. Patel. The hotel is situated on a 2.27-acre parcel at 700 Central Parkway East – and will be transformed into Parkdale Senior Living. The conversion is expected to be complete by the middle of 2026. 

The overall financing consists of two loans provided in conjunction with the SBA 504 program. The first loan is a $15,779,000 primary, permanent loan. The interest rate equals WSJ Prime + 2.75 percent, to be adjusted quarterly. The second mortgage is a bridge loan amounting to $4,669,000. It carries the same interest rate as the primary loan.