Merchants Capital Secures $49M Bridge Financing for Assisted Living Portfolio in Ohio
CINCINNATI, COLUMBUS AND HILLIARD, OHIO — Merchants Capital has secured $49 million in bridge financing for three assisted living communities in Ohio. The borrower, Wallick Communities, develops affordable assisted living and memory care communities. The properties include the 108-unit The Ashford at Mt. Washington in Cincinnati, the 131-unit The Ashford on Broad in Columbus, and the 124-unit The Ashford on Sturbridge in Hilliard. All three communities are designed to serve working- and middle-class seniors, offering rents at 15 to 30 percent below rents in similar communities. Merchants Capital secured the bridge loans through its parent company, Merchants Bank. Wallick will use the loans to refinance underlying debt and allow more time to meet the requirements for HUD.