Each facility will have 63 assisted living units, 12-bed memorycare centers and five townhouses that range from 1,453 sf to 2,909sf. The Clovis project, representing $8.5 million of the loan, willgo up at the intersection of North Prince Street and State Highway209. The Hobbs project will be built in the 3500 block of NorthCentral Avenue. The 12-acre development sites are located close tothe Texas-New Mexico border.

In addition to its current loan, the Salem, OR-based Sunwestrecently obtained $9 million in construction financing fromPlainsCapital to expand Cottage Village, a 40-unit senior housingfacility in Lubbock, TX. "Because they had a presence in Lubbock,which is pretty close to Clovis and Hobbs, the lender knew theborrower was familiar with the area," says Robby Rieke, real estateanalyst with Holliday Fenoglio Fowler, LP's Dallas office. He andHFF managing director Mona Carlton arranged the financing.

Rieke tells GlobeSt.com that the financing is a 12-monthvariable rate over prime rate with a pair of one-year options toextend. "It's a pure construction loan," he adds. "The borrowerswill likely plan a refinance in about 18 months."