Real Estate Lender EBSC Lending Announced Today that It Has Arranged $76 Million Loan to Hillcrest Management
*Real estate lender EBSC Lending announced today announced today that it has arranged $76 million loan to Hillcrest Management for the construction of a senior living development located in Carmichael, a suburb in the Greater Sacramento metro area.*
*SACRAMENTO, CA / ACCESSWIRE / May 17, 2024 / *Real estate lender EBSC Lending announced today announced today that it has arranged $76 million loan to Hillcrest Management for the construction of a senior living development located in Carmichael, a suburb in the Greater Sacramento metro area. The ultra-luxury retirement community slated for completion in October 2025 has been designed to deliver a range of services rivaling that of a five-star hotel.
Marketed for seniors with low- to moderate-income levels, the 264,355-square-foot development set on 10 acres of lush, manicured grounds will feature 129 independent living and 50 assisted living units, as well as 40 memory care beds. Three levels of above-grade residential living and one below-grade parking level will comprise the development. Other amenities designed to foster socialization and engagement include a fireside living room, library, theater and sunrooms. Dining options include a restaurant, private family dining room, and a casual café and bistro lounge.
"Affordable seniors housing is essential to our communities, and as the population gets older, the need for housing is greater," Matt Snyder, COO of Hillcrest Management. "A lot of seniors are living in naturally occurring seniors housing-staying in their homes or renting traditional apartments-so they are living within the confines of housing that is inaccessible for daily living and that does not have a community. With developments like this, we're giving people a new lease on life. We're giving them the opportunity to have a community with services and activities, which they wouldn't get if they were living in houses or in garden apartments."
The facility is designed to be energy efficient, with solar panels generating electricity for community room and outdoor common area lighting; insulated walls, ceilings, floor joists, and roofs; and energy-efficient roofing that contains recycled content and is manufactured in plants that are ISO 14001 certified. Additional green features of the project will include zero-VOC interior paint and primer; formaldehyde-free insulation; fiber cement siding that contains recycled content; and landscaping that features minimal turf areas and drought-tolerant non-invasive plants. The facility, an environmentally friendly development with a focus on energy efficiency and raw materials conservation, will also feature a quarter-mile long walking path.
"We plan to continue to grow our seniors housing lending platform over the course of this year. This financing package represents an important milestone for EBSC Lending as we expand our seniors' housing efforts," said Martin Alex, CEO of EBSC Lending. "We will continue to be active in the sector and are confident that this asset class will remain stable as markets improve. We believe transaction volume will remain strong and capital will remain available for experienced owners and operators for the foreseeable future."
About EBSC Lending.
EBSC Lending provides custom working capital solutions to commercial businesses across a wide range of industries. The firm provides debt solutions to meet the demands of time-sensitive and complex transactions. Since its founding in 2021, EBSC Lending has originated consistently, quickly and effectively more than $1 billion in loans, funded over 161 projects, and lends in all 50 states.
Contact information.
Martin Alex.
EBSC Lending.
(949) 229 5155.
info@EBSC-Lending.com
Hillcrest Management.
Matt Synder.
snyder@hillcrest-management.com
*SOURCE:* EBSC Lending
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