MICHIGAN CLOSING ANNOUNCEMENT

• $21,550,000 Construction/Mini-Perm Loan
• Skilled Nursing/Assisted & Independent Living/Memory Care
• Ground Up Development
• Michigan
• February 2024

February 16, 2024 – Monarch Advisors is pleased to announce the closing of construction financing for the development of a new 105-unit/124-bed, skilled nursing, assisted and independent living building in Muskegon, Michigan.  The sponsor, located in Louisville, engaged Monarch to source debt of $21.6 million, equal to approximately 67% of the cost of the project.  Monarch was successful at securing a construction/mini-perm loan commitment from a national mortgage bank’s loan participation program with a 4-year term and one 12-month extension option.  Payments will be interest only at SOFR+3.25% for the 3-year construction and lease-up period, followed by a 25-year amortization.  The loan includes recourse and deposit requirements from the sponsor.  This is Monarch’s third construction loan closing for this client.