AHWATUKEE, AZ-Spectrum Retirement Communities LLC will breakground next month on its second senior housing project in Arizona.The 140-unit rental project, which has a price tag of roughly $20.5million, will offer independent living, assisted living anddementia/memory care.
The Denver-based firm obtained a $15.44 million construction andmini-perm loan from a local bank to build its newest project, whichis located at the southeast corner of 44th Street andKnox Road. The five-loan has a loan-to-cost of 75% and an interestrate of about 6%, according to Cynthia Hammond, president ofChurchill Commercial Capital Inc.
Hammond arranged the loan for Spectrum. “This is a uniquefinancing because it’s a conventional construction loan rather thana HUD loan,” she tells GlobeSt.com. “Over the past couple of years,most senior housing projects have been financed by HUD, but theborrower wanted to get this project built faster than a HUD loanwould allow.”
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