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.
|Guaranty Type||USDA CARES|
|Loan Term||10 yrs|
|Participation Availability Amount||$106,250|
|Minimum Participation Amount||$106,250|
|Original Loan Amount||$2,125,000|
|Full Loan Documentation||Link|