The borrower obtained the money from Fannie Mae' Seniors Housing program, according to Howard J. Levine of Calabasas, Calif.-based Arcs Commercial Mortgage. It was a 10-year term loan with a 25-year amortization at an interest rest of 6.037%.
Merrill Gardens at Lancaster, built in 1999, offers both independent and assisted living for seniors. The Lancaster loan was one of four that Arcs arranged for Merrill Gardens facilities in California, Florida and Texas recently through the Fannie Mae program.
The others included a $5.887 million mortgage for the 95-unit Merrill Gardens at Altamonte Springs, Fla.; a $5.1 million mortgage loan for an 83-unit facility in Grand Prairie, Texas; and a $4.087 million mortgage a 68-unit facility in Austin, Texas. The loans were all for 10-year terms with 25-year amortizations, except for the 30-year amortization in the Grand Prairie deal. Interest rates were 6.147% at Altamonte Springs, 6.157% for the Grand Prairie property and 6.086% for the Austin facility.
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