Bank Leumi Refinances Two Seniors Housing Facilities in Central Florida for $16.7M

HIGH SPRINGS AND ORLANDO, FLA. — Bank Leumi USA, a full-service commercial and private bank, has provided $16.7 million in total refinancing to Plantation Oaks Senior Living Management, a Florida-based owner/operator. The first loan is secured by a first mortgage on an existing seniors housing community located in High Springs, comprising 37 assisted living units and 29 memory care units. The credit facility was structured with a $5 million initial funding and a $1.2 million earn-out. The second credit facility is secured by an existing senior housing community located in Orlando, comprising 17 independent living units, 86 assisted living units and 22 memory care units. The $10.5 million financing was structured with an initial funding of $5.4 million, a $3.5 million holdback to fund the expansion of a 48-unit memory care building and a $1.6 million earn-out. Both of these loans refinanced existing debt, lowered the interest rate and provided a dividend to the owners of the communities. The fixed-rate loans have a five-year term and are intended to serve as a bridge to agency financing or to the future sale of the communities. Hely Santeliz of Bank Leumi led the team that structured the loan.