Buyer Charles Snider received $2.4 million in bridge financingfor the five-year-old, Westminster House, twice part of abankruptcy, from Hackensack, NJ-based Kennedy Funding. "Borrowerscome to us when banks won't do the loan," says Jeffrey Wolfer,president of Kennedy Funding, which offered Snider a three-yearloan. 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 whenSnider acquired the property. The units range from 250 sf to 500sf. The 28,000-sf service area includes care providers' desks, afull-service restaurant with three dining rooms, chapel, health spaand sauna, beauty salon, library, theater, game room, fitness area,indoor pool with whirlpool and offices.

Wolfer tells GlobeSt.com that Snider plans to rent theunoccupied units rather than sell them as condos. According to theMetLife Survey of Assisted Living Costs, the average monthly baserate for an individual residing in an assisted living facility inHouston is $1,983 compared to the national average of $2,379.Westminster House is located just 15 minutes north of Houston alongUS Highway 59 and just six miles from Bush IntercontinentalAirport.