BOSTON—Valencia Realty Capital, a provider of flexible, cost-efficient capital for commercial real estate investors and developers, announced that it has arranged $13 million in financing for the $11 million acquisition of a 40-unit assisted living community, known as Evolve at Rye, in Rye, NH.
The transaction had a total capitalization of $13.0 million composed of a $10 million senior debt facility coupled with $3 million of equity.
Located at 295 Lafayette Road, the specialized memory care community was built in 2013, and offers all the modern amenities. This assisted living community is devoted to people with memory disorders, including Alzheimer’s disease and dementia. The single-floor building allows residents to move about freely while living in a secure, caring, and family-friendly environment.
Valencia Realty Capital arranged the senior debt financing with Murfreesboro, Tenn.-based real estate investment trust National Health Investors, Inc. The transaction was executed under a 363 auction sale, which presented extremely tight timing constraints. Ed LaFrance, a long-time industry veteran in seniors housing advisory, also played a key role in arranging the transaction.
“We are excited for the future of the community and its residents under the new ownership,” said Stephen Smeke, Managing Director of Boston-based Valencia Realty Capital. “This is a high quality building in a great location.”