Red Oak Capital Holdings, LLC, has provided $11.10 million in financing for the acquisition and capital improvements of Cottages of Clayton, a 90-unit assisted living community located in Dayton, Ohio.
Structured under the firm’s Core-Plus Bridge Loan Program, the loan carries an 18-month initial term and a loan-to-stabilized value of 69%. The interest-only loan was originated by Regional Manager Stratos Athanassiades, underwritten by Thomas Gorski, and administered by James Myatt. The borrower, Clayton Realco, LLC, is a private investor group that owns and operates 12 senior living communities.
“This is a strong asset with high occupancy and solid fundamentals, located in a market with limited new supply and growing demand from an aging population,” said Athanassiades. “The sponsors have a proven track record of improving performance through operational enhancements and strategic repositioning. Originally built in 1999, the Cottages of Clayton is located at 8212 North Main Street. Situated on approximately 7.88 acres, the seven-building community contains 90 studio residential units with a gross building area of approximately 48,000 square feet.
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