Red Capital closes loan for seniors housing community
Red Capital Partners announced it closed a $25 million balance sheet loan for a seniors housing community in Alabama last month.
The Somerby St. Vincent's One Nineteen in Hoover, which was developed by Dominion Partners, LLC, is operated by Somerby Senior Living Services, and opened in 2009. It has assisted living, memory care and independent living, and is located across from St. Vincent's One Nineteen Health and Wellness Center.
The loan structure allows for a capital stack that meets our long term objectives, and we can continue to focus on providing the highest quality of housing and services to our residents,” said Brian Parker, CFO of Dominion Partners.