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ANCHORAGE, ALASKA — Greystone has provided a $22.5 million bridge loan to refinance Aspen Creek Senior Living, an assisted living facility in Anchorage. Stella Plotkin of Greystone originated the loan on behalf of the borrower, Spring Creek Holdings.
The floating-rate, interest-only bridge financing features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. The financing retires the existing loan from the property’s initial construction and enables the borrower to continue with ongoing renovations, including the completion of the secured memory care wing.
Completed in 2019, Aspen Creek Senior Living features 96 beds, with 21 designated for memory care residents.