City: Redwood City
State: California
Lender type: Insurance Company
Property type: Assisted Living Facility
Transaction type: Refinance
Loan amount: $6,000,000

Proud to announce the recent funding of a $6M loan to refinance the Gordon Manor Assisted Living Facility in Redwood City, California.

We were hired to refinance the existing loan and include a cash-out component for the expansion of the facility. The existing loan had 3.5 years of yield maintenance prepayment penalty remaining, but the ultra-low interest rate of 3.20% for a new 7-year term, along with cash-out proceeds, made this refinance option a “no-brainer” decision for the owner.

While a number of lenders expressed interest in placing the refinance, three banks and one of Slatt’s correspondent life insurance companies made the final round of competition for the loan. The loan was ultimately placed with the correspondent life insurance company because they offered the lowest rate on a 7-year term with 30-year amortization.

Covid-19 presented a number of unforeseen challenges for this refinance, and because of Slatt’s long history and strong relationship with the lender, the loan was closed without any changes to the pre-Covid-19 issued terms.

This loan will be serviced by Slatt Capital as part of its $4.3B portfolio.

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