BLUESTONE SECURES $7.44M CONSTRUCTION LOAN FOR THE GRAND VICTORIAN OF PEKIN ASSISTED LIVING FACILITY
BlueStone Real Estate Capital, a Philadelphia based real estate investment bank, has secured a $7.44M construction loan on behalf of Wilkinson Development, a subsidiary of Wilkinson Corporation, based in Yakima, Wash. Key Bank and Fifth Think Bank are the lenders in the transaction.
The Grand Victorian of Pekin represents the secod of four Grank Victorian Assisted Living Communities Wilkinson Development is developing throughout Illinois. The $7.6M construction loan for the first facility was secured by BlueStone in 4th quarter of 2007. Each Grand Victorian Facility will contain approximately 61 units with varying levels of care of residents.
Good Neighbor Care, a seasoned operator of senior housing and a subsidary of The Wilkinson Corporation, will manage these facilities in addition to the 49 property portfolio currently under management nationwide.
"BlueStone was able to successfully secure the construction loan on behalf of Wilkinson in spite of today's challenging marketplace," said Timothy Bradley, senior associate, BlueStone Real Estate Captial. "We were able to do so because of the in-depth industry experience of BlueStone, Wilkinson and the lenders involved in the transaction."
BlueStone Real Estate Capital arranged for Key Bank and Fifth Third Bank to finance the four property portfolio on behalf of Wilkinson Development with expected closings of the remaining two facilities before the end of the 2nd quarter of 2008.
"This deal is an example of how BlueStone work within the challenges of the current market to produce a sophisticated deal with a beneficial outcome for our clients," said Matthew McManus, chairman, BlueStone Real Estate Capital.
The construction financing for this transaction is locked in at 7.7 percent.
