CLOVIS, NM-In its second transaction with Dallas lender PlainsCapital Bank, Sunwest Management Inc. has obtained $16 million to build two senior housing developments in Clovis and Hobbs. The projects, scheduled to break ground in late summer, will be completed by summer 2007.

Each facility will have 63 assisted living units, 12-bed memory care centers and five townhouses that range from 1,453 sf to 2,909 sf. The Clovis project, representing $8.5 million of the loan, will go up at the intersection of North Prince Street and State Highway 209. The Hobbs project will be built in the 3500 block of North Central Avenue. The 12-acre development sites are located close to the Texas-New Mexico border.

In addition to its current loan, the Salem, OR-based Sunwest recently obtained $9 million in construction financing from PlainsCapital to expand Cottage Village, a 40-unit senior housing facility in Lubbock, TX. “Because they had a presence in Lubbock, which is pretty close to Clovis and Hobbs, the lender knew the borrower was familiar with the area,” says Robby Rieke, real estate analyst with Holliday Fenoglio Fowler, LP’s Dallas office. He and HFF managing director Mona Carlton arranged the financing.

Rieke tells that the financing is a 12-month variable rate over prime rate with a pair of one-year options to extend. “It’s a pure construction loan,” he adds. “The borrowers will likely plan a refinance in about 18 months.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.