Los Angeles, CA (January 31, 2017) Thorofare Capital has provided an affiliate ArciTerra Companies LLC, with a $19 million fixed-rate bridge loan for the refinancing of MorningStar at Arcadia, a 135-bed Assisted Living Facility in Phoenix, AZ.
Located on 1.12-acre site at 3200 E. Glenrosa Avenue, MorningStar at Arcadia features 80 senior living, and 30 memory care units in a four-story, 139,643-square-foot building. Completed in 2014, MorningStar at Arcadia swept the Senior Living Category at the national 2014 ASID Design for Excellence Awards.
The loan proceeds were utilized by the Phoenix-based real estate investment and development company to retire a bank construction loan and repatriate equity to the ownership, according to Thorofare Principal and Executive Vice President of Origination Felix Gutnikov.
“MorningStar at Arcadia is a well located, professionally managed facility backed by strong local sponsorship,” said Gutnikov. “Our financing allows ownership to take out the construction loan and gives them ample time to find permanent debt upon stabilization.”
The fixed-rate, interest-only bridge loan was originated out of the Los Angeles-based investment manager and portfolio lender’s Thorofare Asset Based Lending Fund IV, L.P. The financing carries a total term of two years, if fully extended.
MorningStar at Arcadia is operated by Denver-based MorningStar Senior Living, a healthcare real estate management, investment and development company operating 21 elderly care, assisted living skilled nursing facilities throughout seven