Berkeley Secures $15M for Cedarhurst

ST. LOUIS—Berkeley Point Capital recently closed the $14.98 million refinancing of Cedarhurst of Shiloh, a 95-unit seniors housing community located in Metro East suburb of Shiloh. Seniors housing has become one of the more vibrant sectors in real estate as providers expand to meet escalating demand, and in this case the cash-out refinancing will help add two new cottages to the community. Bethesda, MD-based Berkeley structured the deal as a cash-out fixed-rate Freddie Mac 10-year loan term with a period of interest only, and was able to incorporate the plans for two new cottages into the loan structure.

Cedarhurst opened in 2011 and consists of one three-story assisted living and memory care building as well as two existing independent living cottages containing two units each. The area has a number of prominent healthcare providers beneficial to the community and market. St. Elizabeth’s Hospital plans to build a $300 million, 114-bed replacement facility in nearby O’Fallon, IL, and Memorial Hospital has already started construction of a 94-bed hospital near the Cedarhurst property.