PCCP Closes $20.2 Million Financing on Independent Senior Living Communities in Georgia, New York

Colonial Square PCCP, LLC announced last week that it has closed a $20.2 million loan for the acquisition and recapitalization of two recently constructed independent living communities for the United Group of Companies.  The two properties include The Lodge at Bridgemill, a 150-unit property built in 2007 situated in Canton, GA just 35 miles north of Atlanta, and Colonial Square, a 144-unit property built in 2008 and located in Utica, New York

“This investment offered PCCP the opportunity to provide attractively priced first mortgage financing on two newly built independent living facilities at a significant discount to replacement cost,” said Don Kuemmeler, founding partner of PCCP. “The owner of the properties has a proven track record with similar senior living properties, and has achieved enough leasing on these two communities to provide a measure of debt yield to our financing.”

Advertisement

“The multifamily sector has offered promising returns for assets in hotspots across the United States as recovery begins to occur,” added Adam Zoger, a principal with PCCP. “Senior living in particular is a sub-sector we like as demand for well-maintained, well-managed facilities is strong and the target demographic continues to grow in number.”