Prudential Mortgage Capital Company Closes $78 Million Loan For Sunrise Senior Living
Prudential Mortgage Capital Company announced today that it recently originated a $78 million loan on behalf of the company’s general account for a venture sponsored by Sunrise Senior Living Investments Inc and Heitman Value Partners II, LLC. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).
The transaction is for a pool of four senior living facilities in Boston, Highland Park, Ill. and Randolph, N.J. The portfolio consists of a total of 309 assisted living and Alzheimer’s units. The loan has a seven-year term that amortizes over a 27 1/2-year period, with three years interest-only. The proceeds were used to finance the acquisition of the properties by the newly formed venture. Thomas Goodsite from Prudential’s Atlanta office the loan.
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