One Sponsor Lends to an Affiliate of Another

New York-based lender Terra Capital Partners (Terra Capital) recently announced the closing of an $11.3 million first mortgage loan provided to an affiliate of a large real estate program sponsor.

Steadfast Senior Living, LLC, (Steadfast) the borrower, will use the proceeds to acquire an infill location consisting of 11.5 acres situated at 30111 Niguel Road in Laguna Niguel, California, an affluent community.

“We are excited to provide financing on such a high quality site and have a borrower as strong and capable as the Steadfast Companies,” commented Doug Vikser, Director of Terra Capital Partners.

Steadfast intends to demolish the existing buildings on the site and develop a 197-unit luxury independent assisted living facility.

Bob Murray, Managing Director of Steadfast, said, “If not for Terra’s speed and ability to understand and quickly resolve issues, this deal would not have happened. We hope this will be the first of many transactions we do with Terra.”

Lending since 2002, Terra Capital specializes in mezzanine and preferred equity investments in high quality multifamily, hotel, office, retail, and industrial properties.