$4MM • Ormond, fl
Transaction Highlights
- Total financing of $4MM
- PACE LTV: 7.8%
- CLTV: 60.6%
- Capitalized Interest Period of 2 years
- Interest only of 3 years
c-pace
$4MM
LOCATION:
FL
type:
New Construction
Building:
Senior Housing
TERM:
30 Years
Status:
Closed
Project Description
The Ravella at Ormond Beach is a new 3 story Senior Living community in Ormond Beach, Florida.
There will be 99 Assisted Living Units, and 32 Memory Care units for a total of 131 Units / 148 beds. The Facility will also have 2 outdoor courtyards of 12,000 sq ft & 5,500 sq ft with parking that will accommodate 73 parking spaces.
Bayview provided $4MM in C-PACE financing for the construction project. At stabilization, the borrower plans on selling the property or refinancing the property with a long-term high leverage HUD loan. C-PACE allowed the sponsor the flexibility to finance the project at 80% combined loan to cost.
