David Stein, a vice president at Metropolitan Funding, tells GlobeSt.com that the project will be a single-building, two-story facility that will provide elevator access to all units, plus a variety of services such as meals, transportation and supervision in all health-related matters. The facility will include 29 Alzheimer units, with the balance consisting of studio, one-, and two-bedroom, assisted-living units.
Construction is expected to start within a week. The project should be completed in about 18 months. Rents will range from $2,100 per month for an assisted-living unit to $3,300 for an Alzheimer's care unit.
The facility is a development of Wildwood Canyon LLC, a Portland, OR-based developer of senior housing. Stein says the $5.8-million first mortgage will cover 90% of the borrower's transaction costs during the 18-month construction schedule, with the deal structured as an interest-only loan during construction. After the property is stabilized, it will roll over into a non-recourse, fixed-rate loan of 6.5% for a 40-year, self-liquidating term.
Stein notes that Metropolitan, the lender, processed the financing commitment in 45 days through the Los Angeles HUD office via the federal agency's Multifamily Accelerated Processing program, a loan facility designed to speed processing for such projects.
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