Cushman & Wakefield Senior Housing Capital Markets announced it arranged the refinance of Homestead at Hamilton, a 195-unit independent living, assisted living and memory care community in Hamilton.
Homestead at Hamilton is newly built and opened its independent living units in November 2017 and its licensed assisted living and memory care units in April 2018.
The community is currently 61 percent occupied and expects to stabilize in another 12 months. The four-story Class-A community features a complete amenities package and is the newest full-continuum property, and the only rental independent living option, in Hamilton Township.
The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner and Director Jim Dooley.
MidCap Financial, a leading commercial finance company focused on middle market transactions, provided the $57.3 million floating rate first mortgage loan that refinanced the original construction loan and mezzanine debt with accrued interest.
The MidCap team that led the transaction included Managing Director Lawrence Brin and Vice President Andrew Lavinder, in connection with President Kevin McMeen.