Oak Grove Capital announced it originated $16 million of fixed-rate permanent financing through its Fannie Mae DUS program for the Isle of Watermere, a senior housing community owned by South Bay Partners.
Based in Southlake TX, the Watermere is a 92-unit community consisting of 66 assisted living units and 26 memory care units. Managed by Life Care Services, the property was completed in 2008 as the initial phase of Watermere at Southlake Community, a master-planned gated community developed for individuals age 55 and older.
The financing from Oak Grove Capital was made for a 10 year term 30 years of amortization and will be used to refinance maturing mortgage debt.
“Oak Grove Capital gave us very competitive terms and was able to follow through in a difficult credit environment,” said Craig Spaulding, Founder of South Bay Partners. “The closing process was very organized and streamlined. Oak Grove Capital’s team was proactively on top of all components throughout this transaction and we look forward to working with them more in the future.”
Heidi Brunet, vice president in Oak Grove Capital’s Senior Housing and Healthcare Group, originated the loan. The group specializes in financing seniors housing communities using a variety of lending programs.