Cambridge Realty Capital Companies arranged a $5,950,000 conventional loan to acquire Twilight Haven Senior Living, located in Fresno. Brent Holman-Gomez, SVP at Cambridge, lined up the fully-amortized, 25-year loan for the buyer, a California limited liability company. Underwriting the transaction was a Utah-based industrial bank.
Twilight Haven comprises 60 independent living units, as well as 116 assisted living beds and 50 skilled nursing care beds. The assisted living business is focused on the Medi-Cal Assisted Living Waiver program.
Holman-Gomez said the acquisition was an opportunistic major turnaround for the nonprofit seller to the for-profit buyer. “The selling operator was in bankruptcy and the skilled nursing facility was closed,” he said. “Given the troubled asset and current credit markets, this was a remarkably high loan-to-cost ratio within traditional norms, allowing the borrower to grow their business while limiting cash to close.”
