Silver Arch Capital Closes $4.75 Million Loan on Michigan Assisted Living Facility

Proceeds Refinance Existing Mortgage for Belle Oakes Living Center

Hackensack, NJ – Silver Arch Capital Partners has closed a $4.75 million loan for the owners of Belle Oakes Living Center, a 48-unit, 32,000-square-foot assisted living facility on 20 acres in Lake City, MI, announced Jeffrey Wolfer, president and CEO of the Hackensack, NJ-based private lender. The loan will allow the owners of the award-winning Belle Oakes to continue to streamline operations and obtain conventional financing.

“The borrowers needed to refinance an existing mortgage and pay off other debt related to a recent 11-unit expansion of the property,” said Wolfer. “The facility’s operations have been improved and the cost structure has been lowered by the owners, resulting in a property that is currently performing at a high level, generating substantial net income.

“The financing has allowed the borrowers to consolidate their debt and align debt service payments with cash flow,” said Wolfer. “The loan was very attractive because the borrowers have shown they are excellent operators. The assisted living/healthcare industry is in a high growth mode, which should be attractive to conventional takeout lenders.”

Constructed in 2002 and renovated in 2012, Belle Oakes Living Center is situated in Missaukee County, Michigan. “The region’s stabilized housing market and improving economy indicate favorable operating trends going forward,” said Wolfer.

Silver Arch Capital Partners is a leading nationwide private lender to the commercial
real estate market, specializing in bridge loans to owners, investors and developers in need of funding outside the scope of traditional banks and lenders. Formed with the mission to assemble the most highly creative minds in real estate lending under a single banner, the firm recognizes the importance of access to capital in turbulent times. Its partners, who have closed over $2 billion in loans, have the knowledge and insight to guide a borrower through the entire loan process, from initial review through closing.

Drawing from various resources, Silver Arch offers loans from $1 million to $50 million with the flexibility and creativity to review projects of every type — multifamily, office, retail, industrial, hotel and land — and to offer funding for almost every purpose — restructurings, discounted payoffs, purchase of notes and property improvements.