$4MM • Ormond, fl

Transaction Highlights

  • Total financing of $4MM
  • LTC of 10% and CLTC of 80%
  • 25 years fixed
  • Capitalized Interest Period of 3 years
c-pace

$4MM

LTC:

10%

type:

New Construction

Building:

Senior Housing

TERM:

25 Years Fixed

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 new construction project. 

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.