The Shelter Group Converts $90 Million Of Construction Loans To Permanent, Fixed Rate Loans with Fannie Mae
October 17,
2011Baltimore MDThe Shelter Group has converted more than $90 million dollars in construction loans on three of their Brightview Senior Living communities to long term, low fixed rate, permanent loans with Fannie Mae.
Brightview Avondell offers 180 Independent and Assisted Living apartments, and Brightview Danvers and Brightview East Norriton offer 165 and 171 Independent Living, Assisted Living and Alzheimer’s Care apartments, respectively.
All three communities, which are located in Maryland, Massachusetts and Pennsylvania, opened in 2008 and have exceeded their stabilization and occupancy goals, allowing The Shelter Group to convert construction loans to long-term loans that take advantage of today’s low fixed interest rates.
“Our dedicated Brightview Senior Living Operations team is directly responsible for our ability to take advantage of today’s low interest rate environment,” said Marilynn Duker, President of The Shelter Group. “By attracting and retaining satisfied residents and associates our communities were able to exceed their stabilization goals and convert to permanent financing ahead of projections”.
As a top Fannie Mae and Freddie Mac lender, PNC Real Estate arranged for these permanent loans for the Company.
About The Shelter Group
The
Shelter Group is a national real estate development and property management
company specializing in multi-family and senior living communities. A leader in
its industry, Shelter has developed and acquired a real estate portfolio
totaling over $2 billion.www.thesheltergroup.com