In 2017, the company began construction of a 62 unit assisted living facility located on 5 acres of land in Oregon. Construction was completed, and the facility began leasing apartments in 2019. As of March 2020, the property had 37 residents putting it at 60% occupancy. In March 2020, the company began to see the effects of the COVID-19 pandemic. Due to restrictions on residents and visitors, management has not been able to lease any additional units since March. They anticipate remaining at 60% occupancy for the next 6 months, until the spring of 2021. Rents are projected to drop to 90% of the company’s original forecast through the end of 2021.
At this time, the company is seeking financing in the amount of $2,125,000 for working capital and loan closing costs. TLIS is seeking a credit facility with a 90% guarantee through the USDA Business and Industry CARES Loan Program.
Loan ID | 0117 |
DSCR | -0.04 |
LTV | 99.00 |
Note Rate | 5.75 |
Property Location | OR |
NAICS | 53119 |
Guaranty Type | USDA CARES |
Loan Term | 10 yrs |
Rate type | Var |
Note date | N/A |
Maturity date | N/A |
Participation Availability Amount | $106,250 |
Minimum Participation Amount | $106,250 |
Original Loan Amount | $2,125,000 |
Full Loan Documentation | Link |
Inquire | Inquire |