KINGWOOD, TX-A local investor has purchased the unsold condo units and in-house service area of Westminster House, a 134-unit, assisted-living condo property in Kingwood Village Estates.

Buyer Charles Snider received $2.4 million in bridge financing for the five-year-old, Westminster House, twice part of a bankruptcy, from Hackensack, NJ-based Kennedy Funding. “Borrowers come to us when banks won’t do the loan,” says Jeffrey Wolfer, president of Kennedy Funding, which offered Snider a three-year loan. Interest rates for bridge loans range from 12% to 15%.

At the time of the acquisition, the three-story building, situated on 3.4 acres at 2811 Kings Crossing Dr., was only at 65% capacity with 87 residents. Of the 134 units, 58 were unsold when Snider acquired the property. The units range from 250 sf to 500 sf. The 28,000-sf service area includes care providers’ desks, a full-service restaurant with three dining rooms, chapel, health spa and sauna, beauty salon, library, theater, game room, fitness area, indoor pool with whirlpool and offices.

Wolfer tells that Snider plans to rent the unoccupied units rather than sell them as condos. According to the MetLife Survey of Assisted Living Costs, the average monthly base rate for an individual residing in an assisted living facility in Houston is $1,983 compared to the national average of $2,379. Westminster House is located just 15 minutes north of Houston along US Highway 59 and just six miles from Bush Intercontinental Airport.

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