MIDCAP PROVIDES $8.6M ACQUISITION LOAN FOR SENIORS HOUSING FACILITY
GRAND RAPIDS, MICH. —MidCap Financial LLC has provided an $8.6 million loan for Titan Real Estate Investment Group to acquire an independent living facility in Grand Rapids. MidCap Financial provided the first mortgage floating rate loan with a term of up to four years. The loan not only financed the acquisition, but will also enable the borrower to complete capital improvements and reposition the property within its market. The 153-unit independent living facility was built in 1984 by a local developer and operator team that operated the facility up until the sale. Los Angeles-based Titan Real Estate Investment Group is a real estate investment firm, and Titan SenQuest is its senior housing operating platform. This is Titan SenQuest’s sixth senior housing acquisition since it was formed in 2012. Jason Dopoulos of Lancaster Pollard arranged the financing.