Hunt Real Estate Capital provided a bridge loan in the amount of $6.2 million to finance the acquisition and expansion of an assisted living community located in Dawsonville, Georgia.
North Georgia Assisted Living is a 32-unit/37-operating bed community built in 2015. The business plan is to expand the community by 12 units to 44 units/49 operating beds. The loan includes $1.275 million to complete the expansion. The property offers a mix of studio and one-bedroom units. The common areas for residents include a TV lounge, beauty salon, sitting area, and a furnished outdoor patio.
This is one the first Seniors Housing/Healthcare transactions by the Proprietary Loan Group at Hunt Real Estate Capital. The borrower is an affiliate of Gryphon Senior Living, backed by sponsors Douglas Cameron, Adam Zussman and Chris Sides, who have been working together since 2008 and have successfully partnered on 16 projects across 1,073 units.
“This was a great transaction to kick-off our balance sheet lending program,” noted Kathryn Burton Gray, Senior Managing Director at Hunt Real Estate Capital. “We’ve worked with the Gryphon team over the years and thank them for the trust they put in the team to close this important transaction”
“The Hunt team came up with a creative structure to address both our acquisition and expansion needs,” noted Douglas Cameron, Partner, Gryphon Senior Living. “We look forward to many more transactions with the team.”