Capital One Closes Senior Community Refi
Capital One Bank provided a $36.3 million secured term loan to affiliates of Dominion Partners. The loan will be used to refinance the original construction loan on Somerby of Mt. Pleasant, a senior living community outside Charleston, SC.
“We are thrilled to work with Dominion Partners,” said Imran Javaid, managing director, commercial and specialty finance, Capital One Bank. “Dominion Partners is widely recognized for its expertise in seniors housing, and Somerby of Mt. Pleasant is an extremely attractive property. We are pleased to have the opportunity to help Dominion achieve its goals.”
The Dominion team was appreciative of Capital One’s responsiveness. “Capital One presented competitive pricing terms with flexible prepayment options,” said Brian Parker, principal and CFO of Dominion Partners. “The flexible deal structure, in combination with Capital One’s certainty of execution, simplified our decision to work with them.”
Located northeast of Charleston, Somerby of Mt. Pleasant was developed in 2008. It offers luxury amenities such as a fitness facility, restaurant-style fine dining, scheduled transportation, on-duty nurse, indoor heated aerobic exercise pool, and separate guest suite for visiting friends and family. It comprises a total of 248 units, which includes 159 independent living units (apartments and villas) and 89 assisted living units (51 apartments and 38 memory care apartments).
Birmingham, AL-headquartered Dominion Partners earned a reputation as a premier owner and operator of seniors housing communities throughout the southeast.