Marcus & Millichap Capital Corporation arranges $17.4 million financing for construction of senior housing in River Falls, WI
Marcus & Millichap Capital Corporation (MMCC), a leading provider of capital markets financing solutions for commercial real estate, has secured $17,424,900 million in financing for the construction of Sycamore of River Falls, a retirement home at 706 Sycamore Street in River Falls, Wisconsin. The financing was exclusively arranged by Michael Hughes, Vice President of MMCC, based in the Milwaukee office.
“Owners and operators of retirement homes are making strategic investments in operations so they can continue to meet growing demand,” Hughes said. “The lending community has shown great interest in this well-located asset. .”
The loan has a term of 84 months, an LTV of 70% and an interest rate of 3.7%. The property consists of a three-story main building that contains 85 units, divided into 16 memory care units, 39 independent units and 30 assisted living units. There are also two duplex buildings which include four independent units and 50 underground parking spaces. The property includes conference and dining rooms, a full commercial kitchen, fitness center, entertainment room, medical consultation room, laundry room, spa room with a therapeutic tub, bocce court and a gazebo. The property is located close to the town’s main street and close to green spaces such as Glen Park, universities and local businesses.
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