MJM Capital Group closes $7.2 million construction loan for a new assisted living facility in Colorado Springs, CO [September 18, 2008]
Scottsdale, AZ (September 18, 2008) - MJM Capital Group (“MJM”), a commercial real estate finance and advisory firm based in Scottsdale, Arizona, is pleased to announce the successful arrangement and closing of the construction senior debt for their client, New Dawn Assisted Living (“NDAL”). NDAL is an assisted living facility developer and operator, also based in Scottsdale, Arizona. The loan will fund vertical construction costs for the “to be built”, 48-bed, senior care facility in Colorado Springs, Colorado.
New Dawn Assisted Living, www.newdawnassistedliving.com, specializes in building and operating Dementia Care focused facilities. They offer care for individuals with all types of memory loss, including every stage of Alzheimer’s disease and other dementias. NDAL’s growth plan involves building approximately 24 facilities over the next 5 year time horizon, and will locate the facilities in the East and West coast markets of the contiguous United States.
“We forecast, the senior care sector market demand will outpace construction in the near term, especially as credit markets continue to tighten, therefore providing a unique opportunity for experienced developers and operators to capitalize on the continued increase in real demand for the product,” said Jeffrey Dreyer, Managing Director with MJM.
Although NDAL has a world class management team and strong financial backing, obtaining a new construction loan in the current market proved to be an arduous task. The management understood that the right advisory firm would need to be involved. MJM Capital’s experience in Senior Care facility financing allowed them to work intimately with NDAL to structure the construction financing in an acceptable manner.
“Senior Care, especially Dementia Care, is different compared to other asset classes,” said Michael Timony, Managing Director with MJM. “The ability to successfully execute an operating plan is imperative, and even more critical, is the level of confidence the lender has in the management team.” NDAL, run by David Daumitt, has arguably the most experienced management team, for Dementia Care, in the United States today. Working in partnership with a specialty health care debt provider based in Chicago, Ill., the financing was approved and accepted in the first week of September, 2008.
MJM is simultaneously working with NDAL to arrange the debt for 2 additional facilities, located in Sun City, Arizona and another in Aurora, Colorado.
MJM Capital Group, LLC, www.mjmcapitalgroup.com, is a commercial real estate finance and advisory firm specializing in the structure of capital obtainment and equity negotiation.
The MJM commercial finance brand is unique, offering the capacity to finance all aspects of commercial development; acquisition and development, bridge, to permanent financing.
MJM seeks out the most cost - effective financial structure, regardless of transaction size, location, timing, or complexity. MJM is committed to exclusive Client representation, clearly positioned to leverage market knowledge, private and institutional banking relationships to provide unbiased recommendations, solutions, and, most importantly, efficient service. It seeks project improvement, helping Clients achieve a sensible equilibrium among borrowing needs and investment goals.
- Contact Information
- Jeffrey Dreyer
- Managing Director
- MJM Capital Group
- Contact via E-mail
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