EBSC Lending, a leader in financing real estate throughout the United States, today announced the closing of a $31.8 million in financing for the construction of a 104-unit senior living community located in Macon, GA.
The community will be a three-story building encompassing 55 assisted living and 37 independent living units, as well as 20 memory care beds. The community is set to also offer transportation services, coordinated outings, a culinary team, community activities and 24/7 care. Common-area amenities are slated to include a fitness center, vinyl flooring, granite countertops, walk-in closets, private appliances, a dining room, a theatre room, a salon, pickleball courts, a mini-golf course, an art studio and an outdoor fireplace. The units will have ceiling fans, central air conditioning and walk-in closets, but also automatic shower temperature limit controls, interior corridor handrails and an emergency call system in every unit.
The development is situated adjacent to the Interstate 75 highway, placing it within 10 miles of downtown Macon and near several upscale shopping centers and affluent suburbs. “This project overcame a lot of obstacles in the financing. One particularly challenging aspect of the transaction involved the percent federal low income housing tax credits, because they are awarded on a competitive basis and the competition can be rigorous,” The sponsor, a seasoned local owner operator “EBSC Lending has much experience with and knowledge of the tax credit application process. The team’s experience and perseverance really paid off in order to get us to the closing.”
EBSC Lending typically funds loans in 15 to 25 business days and originates bridge loans ranging from $5MM – $100MM. EBSC Lending works directly with real estate owners and mortgage professionals nationwide. EBSC Lending provides flexible financing solutions for clients covering the entire spectrum of real estate.
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