Capital One announces refinancing for Oregon community
Capital One said last week it had provided a $17.5 million fixed-rate Fannie Mae loan for The Springs at Mill Creek in The Dalles, OR. The loan will allow the community refinance its 92-unit senior community, which has assisted living and memory care.
The Springs Living, the parent company, is a family-owned seniors housing company with 14 communities. It used the loan to buy out its joint venture partner, a private equity firm, and pay off existing debt. Capital One worked with The Springs to allocate a portion of the original balance sheet loan and its coverage of four senior housing communities to The Springs at Mill Creek.
“The Springs at Mill Creek was part of a portfolio of four communities that The Springs Living purchased in 2012,” Capital One Senior Director Mark Bultman said. “The company has done an excellent job stabilizing and upgrading the properties.”