Meridian Capital Group Arranges $8.1M Loan For Hampton Manor Of Punta Gorda
10211 Tamiami Trail, Punta Gorda, FL...
$8,100,000
Building Size
—
Asset Type
Senior Housing
Closing
Nov 22, 2023
AI
Located at 10211 Tamiami Trail in Punta Gorda, FL, the property involved in the transaction is Hampton Manor of Punta Gorda, an assisted living and memory care facility. The construction financing for this senior housing asset was arranged by Meridian Capital Group for $8.1 million. The loan, provided by an unknown correspondent life insurance company, features a floating rate over Prime and full-term interest-only payments. Upon completion, Hampton Manor of Punta Gorda will offer 91 assisted living and memory beds.
Summary of transaction details:
- Property Type: Senior Housing
- Transaction Amount: $8,100,000.00
- Market: Punta Gorda
- Borrower's Rep: Peter Martz (Meridian Capital Group)
- Lender: Unknown Correspondent life insurance company
For this deal, SVP Peter Martz and Mark Krupenia negotiated the four-year loan for Hampton Manor of Punta Gorda. Against the challenges faced during COVID, Meridian was successful in securing financing by showcasing the strength of the sponsor and their proven track record in similar deals. The lender recognized these qualities, resulting in terms that exceeded the clients' expectations.
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Punta Gorda Senior Housing Market Snapshot
Boundary boundary · Senior Housing · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.96%
Cash-on-Cash
-0.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93