Daily News: July 1, 2013

Capital One Closes $48MM Secured Loan for LCS-Westminster

Capital One said it served as the lead bank and administrative agent for a $48 million, five-year term loan to LCS-Westminster Partnership, IV.

The loan will be used to refinance and expand Sagewood, a newly constructed senior living community on 47 acres in Phoenix, AZ, featuring 278 independent living units, including 16 villas and 24 casitas, as well as a 48-bed health center that contains a 38 licensed bed skilled nursing facility and 10 assisted living suites. The loan also will finance the construction of 14 additional casitas and the completion of a second dining venue for the Sagewood community.

LCS-Westminster is a joint venture of The Westminster Funds and LCS, with The Westminster Funds serving as the majority equity partner for LCS-Westminster developed projects. Since 1971, Des Moines, IA-based LCS has been a leading developer, marketer and manager of more than 130 senior living facilities communities across the country. The company currently manages 116 communities in 31 states and has an ownership interest in 17 communities.

“LCS is a leader in developing and managing successful senior living communities,” said Imran Javaid, managing director, Commercial and Specialty Finance, Capital One Bank. “Sagewood is a flagship, state of the art, senior living community. We are pleased to help LCS complete this expansion and refinancing, and we look forward to working with them as they continue to expand their portfolio across the country.”

“Capital One Bank helped us structure the financing solution we needed to complete this refinance. Sagewood is the premier retirement community in a market that has strong underlying fundamentals,” said David Laffey, vice president and director of Property Finance, LCS-Westminster Partnership. “We look forward to the further expansion of the Sagewood community.”