StackSource successfully sourced a 10 year construction take-out loan for a behavioral health facility for senior citizens. The facility is located in Bullhead, Arizona in Mohave County, which is halfway in between Las Vegas and Phoenix. This is the first completed in a planned portfolio of 16 similar projects, with the second currently under construction in Phoenix. Each property consists of approximately 15,000 sf on one level with between 22 and 40 beds for residents. Residents stay an average of 6 weeks. All 16 properties will be located in Arizona, Nevada, Utah and Colorado.
Beth Mercante of StackSource procured the loan and worked with Tiger Mynarcik of Pinnacle to complete the underwriting and affect the closing. The $5.6 Million loan was syndicated to a network of credit unions. The initial rate of 4.5% is fixed for 5 years, then adjusts to a market-based fixed rate for the duration of the 10 year loan term.