HJ Sims Funds $5.1M Mezzanine Loan for Seniors Housing Asset Expansion in Arizona
MESA, ARIZ. — HJ Sims has provided $5.1 million in mezzanine financing for Madison Realty Cos.
The funds are part of a financing package that will fund an expansion project at Heritage Village Assisted Living in Mesa. Madison acquired the property in 2017.
The property currently features six assisted living and memory care homes and a medical building, though the actual number of units was not disclosed. SAL Management Group operates the community.
The planned expansion will add two more assisted living and memory care buildings. Sims partnered with a bank to propose a high-leverage financing solution to fund the expansion and recapitalize existing debt, with the bank providing the first-mortgage loan.