"Roosevelt Davis and the rest of the folks at Freddie Mac did a great job of processing this fully leveraged loan in under 60 days and closing on schedule," says Scott Kavel, a director at Birmingham, AL-based Collateral Mortgage.
Kavel and Collateral vice president Richard Thomas handled the permanent, non-recourse financing deal which is being amortized over 20 years. But they declined to disclose the interest rate at closing.
"We typically refrain from giving out rate information as where a deal closed last month is not necessarily where a deal would trade today," Thomas tells GlobeSt.com. Kavel and Thomas have jointly closed $2 billion in mortgage financing assignments for senior housing and multifamily projects nationwide over the past 10 years.
Holiday Retirement Corp. of Salem, OR manages the three-story, 92,325-sf building housing 119 congregate care units and two 2,540-sf duplex garden cottages.
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