Marcus & Millichap Capital Corporation (MMCC) has arranged a $7,451,409 construction loan and long-term commitment for an assisted- living facility in St. George.
Jeffrey Meierhofer, an associate director in Salt Lake City, arranged the financing.
“When local lenders were unable to provide funding, MMCC was able to draw upon the firm’s mid-market relationships to secure financing,” says Meierhofer. “In a market where construction funding is scarce, MMCC was able to creatively solve product- and small geographic area-related challenges.”
“The borrower, lender and broker worked together to start construction on what will be a state-of-the-art assisted-living facility with memory care,” adds Meierhofer. “No new assisted living has been built in the area in years; this new facility will provide much needed accommodations for seniors.”
The construction loan is for two years and then a 75 percent loan-to-value long- term loan will be in place to take over upon occupancy.