Greystone Provides $40.4M Loan For The Delaney At South Shore In League City
FINANCED
$40,400,000
Texas
See Similar DealsSenior Housing
FINANCED
Greystone Provides $40.4M Loan For The Delaney At South Shore In League City
2605 Marina Bay Dr, League City, TX...
See Similar DealsSenior Housing
Summary
TEXAS
Asset Type:Senior Housing
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$40,400,000.00
Monthly NOI$269,333.33
Monthly Debt Service$255,355.48
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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