Financing for The Alexander arranged by McBride Capital
McBride Capital announced today that it has placed bridge financing for The Alexander, a 136-unit Independent Living Facility located in Bend, OR. The Alexander represents a new level of luxury living in the area for residents 55-years of age and older. The property features rooftop decks, indoor swimming pool, a movie theater, full bar and restaurant, billiards room, barber shop and beauty parlor.
The three year floating rate non-recourse loan was placed with a national bridge lender and closed at certificate of occupancy. The borrower has extensive experience developing and managing seniors living projects and had reservations for roughly 35% of the rooms at the time of C of O. The low spread loan has burn-down provisions once certain debt yield and debt service coverage hurdles are met.
The deal team was led by McBride Capital CEO, Ken McBride, and Managing Director, Danny Natsch.