GreenLake Funds $30,500,000 Loan for a Senior Living Campus in Powder Springs, GA

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Feb 09, 2022, 08:54 ET

POWDER SPRINGS, Ga., Feb. 9, 2022 /PRNewswire/ -- Los Angeles based GreenLake Asset Management LLC ("GreenLake") has funded a $30,500,000 loan to refinance a senior living campus that includes assisted living and memory care facilities in Powder Springs, GA. The existing bank loan was in covenant default due to litigation, and the sponsor sought funding from GreenLake to help resolve the litigation and pay off the existing debt.

GreenLake was also able to work with the borrower and accommodate requirements related to EB5 funding. Given the challenges related to the loan and GreenLake's ability to close on the refinance quickly, the sponsor was able to obtain a discounted pay-off. In addition, GreenLake's loan provided funding to pay off existing bond holders.

Peter Chang, Managing Principal at GreenLake stated, "This property is a state-of-the-art facility, recently completed in the northeast suburbs of Atlanta. The business provides a combination of independent, assisted and memory care living, which is in high demand in the area. While traditional lenders are shying away from healthcare assets due to the ongoing COVID pandemic, we are confident in the property's strategic location, business plan and overall performance capability. GreenLake was able to cut through issues related to the litigation and ultimately structure a deal that worked for all parties. The sponsor also recently brought in a new and very strong management company that will bring the asset to its true potential."

Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.

Contact:

Kamau Coleman
Director, Originations
626.529.1084
[email protected]

Adam Frank
Vice President, Originations
646.766.0288
[email protected]

Renee Volaric
Vice President, Originations
646.766.0286
[email protected]

www.greenlakefund.com

SOURCE GreenLake Asset Management LLC