Berkeley Point Capital Closes $3.1M Memory Care Community Loan
March 30, 2016
Bethesda, MD – Berkeley Point Capital recently closed a $3.1M supplemental loan for the 48 unit, Class-A Washington Gardens Memory Care seniors housing community in Tigard, OR. Secured through Freddie Mac’s supplemental loan program on behalf of Frontier Management, LLC, the loan will be used to recycle capital to the owners for strategic growth and property improvements. It closed on March 3, 2016.
Opened in December 2011, Washington Gardens Memory Care center is a stand-alone, all-inclusive Alzheimer memory care community. Residents receive personalized care plans, three cooked meals each day, weekly housekeeping and linen service, specially designed events and activities such as gardening, cooking, movies and scrapbooking, exercise programs, scheduled transportation and paid utilities. The single-story community additionally houses a private dining room, secure entry, interior and exterior courtyards and a beauty center / barber shop.
Frontier Management, LLC manages 83 properties housing more than 4,000 residents across the United States. In 2015, Frontier Management, LLC was named the 15th largest assisted living company in the United States by Provider Magazine.
“Berkeley Point delivers, again. When we decided to seek a supplemental refinance with Freddie Mac, we called Doug Harper and Casey Moore and they delivered. The process was simple and timely, but it was the Berkeley Point team that made it possible,” said Greg Roderick, CEO of Frontier Management, LLC.
“It was a pleasure to work again with the Frontier Management and Freddie Mac teams on this highly successful dedicated memory care community. The agency’s supplemental loan program is an attractive loan program feature, and Frontier Management was able to create value at the community in order to take advantage it,” said Doug Harper, Berkeley Point Capital’s Director of Seniors Housing.
The Berkeley Point Capital Seniors Housing team is led by Columbus, OH-based, Harper and Boston, MA-based Director, Casey Moore.
For further information contact:
Bonnie Taylor, Berkeley Point Capital, Marketing
about berkeley point capital www.berkpoint.com
Berkeley Point Capital LLC is one of the nation’s leading providers of multifamily capital solutions. The firm boasts a 28+ year history and a servicing portfolio of $50 billion representing in excess of 2,800 loans in 49 states and the District of Columbia. This extensive and diverse national platform allows us to provide our clients with superior execution in every market in the country.
As part of its multifamily and seniors housing and healthcare expertise, the firm offers the full complement of Fannie Mae, Freddie Mac, FHA, Life Company and Conduit products, as well as a proprietary bridge program.