BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $28,300,000 loan to finance Grove City Senior Living, a senior independent living, assisted living, and memory care community in Grove City, Ohio, part of the Columbus metropolitan area. The permanent financing will be used to take out existing construction debt and return equity to investors as the borrower plans for a long-term hold of the property.
Taylor Hawkins, senior vice president in BWE’s Cleveland office, originated the financing from Fannie Mae on behalf of an Ohio-based developer of senior housing. The loan features a 10-year term with three years of interest-only payments and a 30-year amortization, as well as a 100% loan-to-cost ratio. Located at 3615 Glacial Lane, the property contains 124 units in studio, one-, and two-bedroom arrangements across its independent living, assisted living, and memory care divisions. Residents have access to amenities including personalized support and service plans, emergency call systems, personal transportation, a library, billiards room, fitness room, and spa. Grove City Senior Living is part of the master-planned Beulah Park community.
Hawkins said the client moved to permanent financing after the property reached full occupancy. He noted that BWE considered multiple agency options and that although Fannie Mae’s senior book is shrinking, the strong fundamentals of Grove City Senior Living made it an attractive property to lend to. The 100% loan-to-cost ratio, as described in the announcement, is presented as evidence of the strength of the property and the borrower. Hawkins also stated that as the country continues to age, the need for senior housing will only grow.
The announcement does not disclose the identity of the Ohio-based developer, the exact timing of the loan closing, or the property’s total development cost. It also does not provide independent confirmation of the occupancy level or financial performance beyond the statements attributed to BWE and Hawkins. The source is a single trade publication report, so the terms and implications should be read as company-disclosed information rather than independently verified data.