Berkadia has arranged a $5 million loan to refinance Meadow Glen of Leesburg, a 40-bed assisted living property in Leesburg. Meadow Glen’s main facility was constructed in 2001 and complements an existing 1834 farmhouse community center. The facility includes 37 suite units with 40 beds.
Laura Saull Smith of Berkadia’s Chevy Chase office secured the refinancing on behalf of borrower Cali Realty Capital. The loan was refinanced through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program. This program allows for streamlined refinancing of existing HUD-insured senior care properties.
“This will be the third time I’ve worked with Dick McClellan and Paul Cali to finance this unique property, and the new HUD loan will position Meadow Glen for many more years of success,” said Saull Smith. “The final term extension will be just inside of 12 years and includes funding an outstanding prepayment penalty and covering 100 percent of closing costs.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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