Columbus, Ohio-based RED Capital Partners, LLC recently lead a $36.4 million first mortgage construction loan to Homestead Senior Living LLC.
The balance of the capital stack was provided by an institutional private equity group and Regional Capital Group, which will provide EB-5 Financing, along with sponsor’s equity.
Pike Senior Housing Partners LLC, based in Paterson, New Jersey, partnered with Solvere Senior Living (an affiliated company of Solutions Advisors LLC), based in Princeton, New Jersey, to develop the community.
Homestead at Hamilton will be a 195-unit, Class-A seniors housing community located in Hamilton, New Jersey, outside of Princeton and about an hour from New York City. The community will consist of 96 independent living units, 75 assisted living units and 24 memory care units.
The project has a highly complex and structured capital structure, including an interim, bridge-to-EB5, mezzanine lender. Due to the timing and uncertainty of the EB5 program, the borrower wanted maximum flexibility. Through creative structuring, RED Capital Partners worked closely with the borrower and other credit partners to achieve this goal.
