Cambridge Realty Capital Companies successfully secured a $5,950,000 conventional loan for the acquisition of Twilight Haven Senior Living in Fresno. The buyer, a California limited liability company, was able to obtain the fully-amortized 25-year loan through Cambridge’s SVP Brent Holman-Gomez. The underwriting process was completed by an industrial bank based in Utah.
Twilight Haven offers 60 independent living units and 116 assisted living beds along with 50 skilled nursing care beds. Its assisted living services are primarily focused on the Medi-Cal Assisted Living Waiver program.
According to Holman-Gomez, this acquisition presented a unique opportunity for the nonprofit seller to transition into a for-profit entity. He also noted that despite challenges such as bankruptcy and closed facilities at hand during current credit market conditions, this deal still achieved an impressive loan-to-cost ratio within industry standards. This allowed the borrower to expand their business while minimizing cash requirements upfront.
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