Remington Financial Group secured $140 million in financing for one of the nation’s largest privately held real estate investment and development companies and one of the country’s most experienced senior living companies. Remington delivered high leverage, non-recourse floating rate senior debt and mezzanine financing, which was priced above LIBOR and provided by a portfolio lender. The financing enabled completion of the acquisition of four existing independent living communities, three of which are located in Texas and one in Missouri. All of the properties were five years old or less and class A assets that had not been operated to their fullest potential by the developer and seller of the portfolio.

The senior living property operators planned to implement higher-margin services for tenants in the acquired facilities and to provide higher-quality food services. The expectation was that the project would deliver a strong upside. The investor also felt comfortable partnering with the developer based on past experience working with the company on previous ventures.

Within 24 hours, Remington arranged for a portfolio lender to provide financing that included some mezzanine bridge financing to be repaid as the joint venture refundingized with cash equity.

Remington Financial Group arranged $4.5 million in debt and equity bridge financing for an 11-story, 249-room full service hotel for one of the world’s top hotel companies. The hotel had been closed due to electrical and mechanical problems; and 100 rooms were in disrepair. The first mortgage on the property was in default, and the lender was preparing to foreclose when Remington delivered $4.5 million in financing to the principal of the hotel. As a result, the hotel will continue to operate and will be the only high-rise indoor corridor property under the company’s flagship name in the Midwest. Remington arranged a JV with one of our participating lenders to provide debt and equity financing to refinance and renovate the hotel. A total of $6 million was invested over an 18-month period. The hotel was sold for more than $12 million.