Meecorp Closes 5.1 Million Debt Financing Deal

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The loan is the first in a $75 million line-of-credit series to be provided by Meecorp to AREI of Redding, Calif.Meecorp Capital Markets, a privately owned commercial real estate lender based in Fort Lee, today announced the closing of a three-year $5.1 million mezzanine revolving line of credit to Roseville Capital Resources. An affiliate of Redding, Calif.-based Asset Real Estate & Investment (AREI), Roseville Capital intends to use proceeds from the financing to help pay for Sunrise Retirement Village, a 176,923-sq.-ft. assisted living and special-care facility in California.

The loan is the first in a $75 million line of credit series to be provided by Meecorp to AREI, and marks the third successful credit arrangement between the companies. The mezzanine line of credit carries a debt-to-equity ratio of roughly 60% and a combined loan to value ratio of some 87%.

“The assisted living facility sector of the seniors housing business is growing dramatically as the age demographic for assisted living (85 and over) is projected to double over the next five years,” said Peary D. Wood, AREI’s CEO.