EBSC Lending Provides $51.8M Financing in Garfield Heights.
- Aaron Donovan.
- Mar 19, 2024
- 2 min read
Updated: 5 days ago
GARFIELD HEIGHTS, OH — EBSC Lending has provided $51.8 million in financing to support the expansion of a senior living and skilled nursing community located in Garfield Heights, Ohio, a suburb of Cleveland. The financing supports a significant campus expansion designed to enhance care offerings and increase capacity across multiple service lines.
Transaction Overview
The expansion encompasses approximately 294,083 square feet and will introduce a four-story independent and assisted living building featuring 86 new residential units. In addition, the project includes construction of a two-story skilled nursing building and a two-story health center that will house physical and occupational therapy facilities as well as memory care suites.
Construction commenced in June 2021, and the newly expanded facilities are scheduled to open in January 2025. Upon completion, the project will significantly broaden the community’s continuum of care, allowing the operator to serve residents across independent living, assisted living, skilled nursing, and specialized memory care services.
The borrower is a regional owner-operator with an established operating platform, currently managing a portfolio of 12 senior living communities across western U.S. markets. EBSC Lending structured the financing to support long-term expansion while aligning with the borrower’s operational and growth objectives.
The loan features a 60-month term with one 12-month extension option, providing flexibility through construction completion, lease-up, and stabilization. The financing was originated by Martin Alex and Brian Stark on behalf of the borrower.
Market Context + What It Means
Demand for senior living, assisted living, and skilled nursing facilities continues to increase as demographic trends drive growth in the aging population. Communities that offer an integrated continuum of care are particularly well positioned to meet resident needs while supporting long-term operational stability.
Large-scale expansion projects require lenders capable of underwriting healthcare assets, construction risk, and operational performance over extended timelines. Private lenders with experience in senior housing and healthcare real estate play a critical role in enabling owner-operators to modernize facilities, add capacity, and enhance care delivery.
By providing $51.8 million in expansion financing, EBSC Lending enabled the borrower to advance a major campus redevelopment, strengthen service offerings, and position the community for long-term demand in the Cleveland suburban market.
Frequently Asked Questions
What type of financing did EBSC Lending provide?
EBSC Lending provided a $51.8 million loan to finance the expansion of a senior living and skilled nursing community.
What is being added as part of the expansion?
The project adds 86 independent and assisted living units, a skilled nursing building, and a health center with therapy facilities and memory care suites.
What is the loan term?
The loan carries a 60-month term with one 12-month extension option.
What types of healthcare projects does EBSC Lending finance?
EBSC Lending provides construction, bridge, and expansion financing for senior living, assisted living, skilled nursing, and healthcare-related real estate nationwide.
Related EBSC Lending Financing Programs
EBSC Lending provides flexible private capital solutions across the United States, including:
Healthcare & Senior Housing Financing – Expansion, construction, and transitional loans
Construction Loans – Ground-up and campus expansion financing
Commercial Bridge Loans – Short-term capital for transitional real estate assets
