ATLANTA-Two-year-old Solomon Senior Living Holdings LLC has made its first owned and managed acquisition of four assisted living communities and Alzheimer facilities in suburban Stockbridge, Fayetteville, Alpharetta and Gainesville. Solomon paid $25.5 million, or $103,938 per bed ($118,604 per unit), for the 243-bed, 215-unit Dogwood Forest portfolio built in phases from 1997 to 1999.

Solomon affiliates lease an additional 15 assisted living communities but do not own them. Solomon affiliate Trinity Lifestyles Management LLC will operate the four acquired properties. Red Mortgage Capital Inc., the mortgage banking arm of Columbus, OH-based Red Capital Group, is providing a three-year, $22.8-million first mortgage interim loan for the acquisition. The loan-to-value factor is "slightly less" than 80%, Daryl McCombs, director of Red Mortgage Capital, tells GlobeSt.com.

McCombs says the amortization period is 25 years "beginning after an interest-only period of 18 months." He calls the transaction "the beginning of a new chapter in the evolution of Solomon." He declined to identify the seller of the four properties and to disclose the interest rate on the loan.