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Chicago & Midwest  + Midwest  + Senior Housing  |  July 9, 2024
Jasmine Kilman
By: Jasmine Kilman

PLG Closes $7M in C-PACE for $38M Senior Living Capital Stack

PACE Loan Group closed a $7.1 million PACE Loan on a 134-unit new construction, market-rate senior living facility in St. Francis, Minnesota. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A Bonds with Sunrise Banks as the senior lender.

Located at 23440 Ambassador Blvd. NW, the Vista Prairie at Eagle Pointe Senior Living Community consists of 59 independent living units, 43 assisted living units, 24 memory care units, and eight care suites. Construction started in June 2024 and is expected to be completed by 2025, with a total project cost of $47.58 million. The project team also included Pope Architects, and Bauer Design Build.

The PACE proceeds will finance energy conservation and renewable energy measures, including the building envelope, ENERGY STAR windows, HVAC, high-efficiency plumbing, and lighting systems. “PLG worked closely with VPC and a consortium of banks in structuring an efficient capital solution for the project,” said Jerry Ellis, managing director, originations and head of loan structuring for PACE Loan Group.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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