PACE Loan Group closed a $7.1 million PACE Loan on a 134-unit new construction, market-rate senior living facility in St. Francis, Minnesota. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A Bonds with Sunrise Bank as the senior lender.

Located at 23440 Ambassador Blvd. NW, the Vista Prairie at Eagle Pointe Senior Living Community consists of 59 independent living units, 43 assisted living units, 24 memory care units, and eight care suites. Construction started in June 2024 and is expected to be completed by 2025, with a total project cost of $47.58 million. The project team also included Pope Architects, and Bauer Design Build.

The PACE proceeds will finance energy conservation and renewable energy measures, including the building envelope, ENERGY STAR windows, HVAC, high-efficiency plumbing, and lighting systems. “PLG worked closely with VPC and a consortium of banks in structuring an efficient capital solution for the project,” said Jerry Ellis, managing director, originations and head of loan structuring for PACE Loan Group.

CROSS Development and Kennor Holdings obtained a $38 million construction loan along with PACE financing for a rehabilitation hospital in Bradenton, Florida. The project will be managed by Nobis Rehabilitation Partners, which currently manages 14 hospitals nationwide, with another eight in the construction pipeline. This will be the fourth project in Florida that Nobis is managing with the other three hospitals located in Jacksonville, Orlando, and Tampa. The Bradenton development represents the fourth Nobis Rehabilitation Hospital to be built by the co-development team.

Marcus & Millichap Capital Corporation arranged the financing led by Dallas-based Senior Director Kevan McCormack. The 60% loan-to-cost bank loan was structured at SOFR + 400, floating for two years, followed by a three-year mini-perm at SPFR + 340 fixed. The 20% loan-to-cost PACE financing was structured at an 8.77% fixed rate with a 30-year amortization and three years of interest only. A Property Assessed Clean Energy (PACE) loan is a type of financing available to make energy efficiency upgrades and renewable energy improvements.

Hunt Real Estate Capital has provided a $38.2 million Freddie Mac Conventional Lease-Up Multifamily loan to finance the acquisition of West End Station Apartments, a 229-unit multifamily property in Winston-Salem.

The mid-rise apartment community was completed in 2019, and includes a four-story mid-rise building. There are nine different one-bedroom options and three, two-bedroom plans. The property also offers residents 286 parking spaces.

The borrower, EBSCO West End, acquired the property from a joint venture between The Carlyle Group and Chaucer Creek Capital. The loan was funded through Freddie Mac, as part of a pre-stabilization program for new construction properties in lease-up.

The property is targeted to reach stabilization early this year.

For comments, questions or concerns, please contact David Cohen