Greystone placed a total of $23.5 million in bank financing to refinance two senior housing properties in Indiana and Arizona.
The separate transactions were originated by Cary Tremper, Tyler Armstrong and Matt Miller of Greystone, on behalf of Spectrum Retirement Communities.
Lone Mountain is a 50-unit memory care facility in the Phoenix market, which was refinanced for $11.275 million. The newly-constructed Class-A property opened in March 2018, and includes six one-bedroom units and 44 studio units. Amenities at the property include private dining, library, game room, exercise room, activity room, computer room, salon, and terraces and courtyard features.
Meadow Brook is a 92-unit assisted living and memory care community located in the Indianapolis market, which was refinanced for $12.250 million. The unit mix at the property includes 68 assisted living units and 24 memory care units, with community amenities including private dining, library, game room, exercise room, activity room, computer room, salon, and a courtyard. The property opened in 2014 and is operated by Traditions Management.
