June 9, 2016
Maverick Commercial Mortgage has closed a first-mortgage loan to fund the acquisition of Heatherwood Retirement Community, a 110-unit independent senior residence. The 110-unit is at 5277 W. Kootenai St. in Boise, ID. The seller was listed as Heatherwood Ventures LLC, which is tied to Frontier Management.
The $5.5 million loan will help the new owner with upgrades to the interior and exterior of the property. The two-year bridge loan is interest only and can be prepaid with one month’s notice.
Property management is being handled by Milestone Retirement Communities LLC, based in Vancouver, WA.