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Mariposa Point of Gilbert

Mariposa Point of Gilbert

$12,300,000 Recapitalization Financing

Gilbert, AZ | October 2021

Thorofare Capital has funded a $12,300,000 in recapitalization financing for Mariposa Point of Gilbert, a 2017-built senior housing property in Gilbert, Arizona. The day-to-day operations are handled by third-party manager Surpass Senior Living.

The Property is 100.0% private pay and is comprised of 83 Units (49 assisted living, 34 memory care), and up to 121 licensed beds (however, only 104 beds are being used). The building features high-quality finishes and a modern design, which provide a competitive advantage over many of the existing senior housing properties in the primary market area.

The building is a single story and totals 62,085 gross square feet. Common area amenities include restaurant style dining, a bistro/library, a fitness center, a movie theatre, hair salon, activity rooms, offices, a commercial laundry, and a commercial kitchen.

Property is located along a busy commercial thoroughfare (202 Freeway) that is near several hospitals. Mercy Gilbert Medical Center, a full-service 212-bed hospital, is located just 0.5-mi to the east.

The interim, interest-only financing carries an initial loan term of two years with an extension option, which is subject to performance tests. The loan’s structure includes an interest reserve as Mariposa Point of Gilbert was 58% physically occupied at the time of loan origination.

The sponsor is a fully integrated real estate investment firm that is focused on the senior living industry. The sponsor has developed, owned, and operated 18 facilities across various states including Texas, Arizona, Connecticut, Georgia, and Massachusetts.