GROVE CITY, OHIO — BWE has provided a $28.3 million permanent loan for Grove City Senior Living, an independent living, assisted living and memory care community in Grove City, part of the Columbus metropolitan area.
Taylor Hawkins, senior vice president in BWE’s Cleveland office, originated the financing on behalf of an Ohio-based developer through Fannie Mae. BWE is a Fannie Mae Delegated Underwriting and Servicing (DUS)-approved lender.
The loan will be used to take out existing construction debt and return equity to investors as the borrower plans for a long-term hold of the property, which opened in May 2023. The loan features a 10-year term with three years of interest-only payments and a 30-year amortization, as well as a 100 percent loan-to-cost ratio.
“When Grove City Senior Living reached full occupancy, our client knew it was the right time to move on from its existing construction debt and find a permanent loan,” says Hawkins. “We considered multiple agency options when determining the right financing for this property. Although Fannie Mae’s senior book is shrinking, the strong fundamentals of Grove City Senior Living made it an attractive property [for lending]. And we secured strong terms that will allow the borrower to execute on its business plan,” Hawkins adds.
Located at 3615 Glacial Lane in Grove City, Grove City Senior Living contains 124 units in studio, one- and two-bedroom arrangements across its independent living, assisted living and memory care divisions. Residents have access to a wide range of state-of-the-art amenities for aging adults, including personalized support and service plans, emergency call systems, and personal transportation.
Community facilities also include a library, billiards room, fitness room and spa. Grove City Senior Living is part of the master-planned Beulah Park community, giving residents easy access to multiple parks and historic downtown Grove City.