OHIO CLOSING ANNOUNCEMENT - Monarch Advisors

$19,900,000 Construction/Mini-Perm Loan
Skilled Nursing/Assisted Living/Memory Care
Ground Up Development
Ohio
September 2023

September 27, 2023 – Monarch Advisors is pleased to announce the closing of construction financing for the development of a new 105-unit/ 113-bed, skilled nursing, assisted living and memory care building in Lancaster, Ohio. The sponsor, located in Louisville, engaged Monarch to source debt of $19.9 million, equal to approximately 70% of the cost of the project. Monarch was successful at securing a construction/mini-perm loan commitment from a local bank with a 3-year construction phase, interest only at SOFR+2.75% and a 2-year permanent phase fixed at the 2-year Treasury yield + 2.75% with a 25-year amortization. The loan includes recourse and deposit requirements from the sponsor. This is the second such closing for this client.