A component of the loan, totaling over $1.2 million in funding, is to be used for capital renovations and upgrades to common areas throughout the building, including the creation of a resident solarium.
Red Mortgage said, “Overall, the financing provided an important way for the owner to accomplish several strategic capital initiatives in an effort to meet or exceed service level demands in its assisted living market.”
Its lead banker on the transaction, managing director James D. Scribner said, “The ability to provide over $1.2 million for several important capital initiatives while reducing total debt service with long-term, nonrecourse financing provides a tremendous value to the owner. Oyster Bay Manor and Harbor House will be well positioned for many years to come.”
