Norris,Beggs & Simpson Financial Services President Ken Griggs and Finance Officer
Paddy Ryan have arranged $10.75 million for Acacia Springs, a 161-unit assisted living
facility in Las Vegas, Nevada.
Griggs
and Ryan represented the borrower, Walter Bowen, of BDC Las Vegas, LLC. As a
veteran client of Norris, Beggs & Simpson Financial, Bowen has been
successfully developing, owning, operating and managing senior properties for
over 30 years.
“Acacia Springs was an underperforming asset
before Bowen purchased it,” Griggs said. “With Bowen’s expertise and
experience, he was able to stabilize the property and make it an attractive
investment.”
Financing
was placed through a union labor pension fund as a non-recourse, cash-out loan.
Terms included an approximate 65% loan-to-value on a five-year term with a
25-year amortization schedule.
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