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Legacy at Highwoods Preserve
$8,850,000 Construction Financing
Tampa, FL | August 2021
Thorofare Capital has provided an $8.850 million acquisition loan for the purchase of Legacy at Highwoods Preserve. The property is a 2015-built, 82-unit, 82-bed assisted living and memory care facility is situated on a 9.89-acre site in the northern area of Tampa, FL. The local area is in the growth stage of development and the uses primarily consist of single-family residential land uses with smaller concentrations of retail and commercial buildings.
Post-acquisition, the sponsor will work to implement operational efficiencies by hiring a new executive director, while introducing a new marketing program to bring the Property up to stabilized occupancy levels.
Additionally, the sponsor plans on implementing a $150,000 capital improvement program to cure light deferred maintenance. This includes doing a deep cleaning of the common areas, light painting, FF&E upgrades, and landscaping and signage upgrades.
The source of repayment for the loan is most likely to be through permanent agency refinancing upon stabilization of cash-flows and occupancy.
At the time of loan origination, there were no senior housing construction projects planned or being developed within a 4.5-mile radius of the property, with positive net demand and an under-supply of memory care beds in the primary market area.
Thorofare’s financing carries a fixed rate, three-year initial without amortization and included a flexible prepayment option.
The sponsor is a bi-coastal, private investment firm with a focus on development, acquisitions, and management of high-quality seniors housing assets in supply-constrained markets.