Bridge Loan for Assisted Living Facility in Tewksbury, Massachusetts

BridgeInvest, a direct CRE private lender, closed a $6,800,000 acquisition and rehab loan for a 78-bed assisted living facility (ALF) in the Boston suburb of Tewksbury, Massachusetts. The loan allowed the Borrower to close on the uniquely structured purchase in a timely manner as well as fund property improvements so that they could move forward with stabilizing the property. The Borrower is bringing in an experienced operator to assist in managing the lease up and repositioning of the property. The loan includes reserves for property improvements and working capital that will allow the Borrower to add value to the property in addition to streamlining operations during the loan term. BridgeInvest was able to underwrite the asset – an all-memory care facility with a mix of single and double units – to understand the underlying property value and fund the proceeds needed to close on the purchase. We successfully navigated the complex equity structure of the Borrower as well as the unique mechanics of the sale when providing the loan. This bridge loan was funded in June 2019.