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
Participation Availability Amount 106250
Minimum Participation Amount 106250
Original Loan Amount 2125000
Full Loan Documentation Link
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