TEQUESTA, FL—Terrace Communities has secured a $14.6-million loan to refinance its Tequesta Terrace assisted living facility here.
The deal was announced by Capital One Specialty Healthcare Real Estate, which provided the HUD 232/223(f) loan to refinance the 100-bed assisted living facility. The transaction was originated by Carolyn Whatley, senior vice president of originations, headquartered in Capital One's Palm Beach office. The non-recourse, fixed-rate loan has a 35-year fully amortizing term, and is underwritten to an 80% loan to value.
Whatley says that after weighing the options, the partners chose HUD's refinance program because it fits well with their strategy as long-term holders of the property. The loan is also assumable and can be prepaid, so it provides flexibility in the event their goals change, she adds.
Tequesta Terrace was built in 2001 and has 71 assisted living units with six different floor plans, from luxury studios to two-bedroom units. All units have kitchenettes, individually controlled heating and air conditioning, and carpet and vinyl flooring. Some apartments have private patios. The memory care unit has 29 beds, with both private and semiprivate suites.
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