Updated Oct 29, 2024
Greystone Provides $40.4M Loan For The Delaney At South Shore In League City
2605 Marina Bay Dr, League City, TX...
$40,400,000
Units
204
Asset Type
Senior Housing
Closing
Nov 22, 2023
About this deal
AI
The Delaney at South Shore is a 204-unit seniors housing property located at 2605 Marina Bay Dr in League City, Texas. The property was recently refinanced with a $40.4 million Fannie Mae loan provided by Greystone. The loan features a fixed interest rate, a 10-year term, and a 30-year amortization schedule. Additionally, the debt structure includes five years of interest-only payments. The borrower, Life Care Services, is a seniors housing owner-operator based in Des Moines, Iowa.
Summary of transation details:
- Property Type: Senior Housing
- Transaction Amount: $40,400,000.00
- Address: 2605 Marina Bay Dr, League City, TX
- Market: League City
- Borrower's Rep: Tyler Armstrong
- Lender: Greystone
Tyler Armstrong of Greystone served as the originator for the nonrecourse loan provided for the refinancing of The Delaney at South Shore in League City. The borrower, Life Care Services, is a prominent seniors housing owner-operator with its headquarters located in Des Moines, Iowa.
On the Map
$40,400,000
Senior Housing
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Players
League City 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
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93