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
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