Bayview PACE provided $4.3 million in C-PACE financing for the 81-unit Hampton Manor-Taylor senior housing community in Taylor, Michigan, just outside Detroit.
The project sponsor is Cape Coral, Florida-based Build Senior Living, the development arm of Hampton Manor that has completed 21 communities totaling 1,634 units.
Hampton Manor-Taylor, located at 13750 Pardee Rd, Taylor, is an 81-unit senior housing community on a 6-acre landscaped site that includes 60 parking spaces. Licensed for 102 beds, Hampton Manor-Taylor features 65 assisted living units and 16 memory-care units with extra capacity for second persons and/or additional companion units. The $4.3 million in C-PACE funds provided by Bayview PACE are part of a refinancing on the already-completed Taylor project, which is substantially leased.
Commercial Property-Assessed Clean Energy financing (C-PACE) is used in a variety of applications including new construction and renovations, and its “look back” feature means it can be utilized to recapitalize projects completed within three years in many jurisdictions.
C-PACE financings to date in the U.S. exceed well over $7 billion, according to PACEnation. It has been approved through legislation in 39 states, gaining popularity among real estate owners and the financial institutions looking to serve them.
