Newest application of innovative C-PACE financing utilized for senior housing
at Hampton Manor-Taylor MI
Coral Gables, FL (Sept. 19, 2024) – Bayview PACE today announced providing $4.3 million in innovative C-PACE financing for the 81-unit Hampton Manor-Taylor senior housing community in Taylor, MI. Project sponsor is Cape Coral, FL-based Build Senior Living, the development arm of Hampton Manor that has completed 21 communities totaling 1,634 units.
Hampton Manor-Taylor, located at 13750 Pardee Rd, Taylor, MI, is an 81-unit senior housing community on a 6-acre landscaped site that includes 60 parking spaces. Licensed for 102 beds, Hampton Manor-Taylor features 65 assisted living units and 16 memory-care units with extra capacity for second persons and/or additional companion units. The $4.3 million in C-PACE funds provided by Bayview PACE are part of a refinancing on the already-completed Taylor project, which is substantially leased.
Commercial Property-Assessed Clean Energy financing (C-PACE) is used in a variety of applications including new construction and renovations, and its “look back” feature means it can be utilized to recapitalize projects completed within three years in many jurisdictions.
“The use of C-PACE continues to be in high demand for senior housing development across the U.S. in response to tight capital markets and the dynamic interest rate environment,” said Anne Hill of Bayview PACE. “Many senior housing sponsors are unfamiliar with the great flexibility that C-PACE offers, and are recognizing that it can play an important, complementary role in the capital stack – and in many cases, is a linchpin to get stalled projects moving.”
C-PACE financings to date in the U.S. exceed well over $7 billion, according to PACEnation. It has been approved through legislation in 39 states, gaining popularity among real estate owners and the financial institutions looking to serve them.
About Build Senior Living
Build Senior Living, the development arm of Hampton Manor, is an assisted living and memory operator. Since its inception in 2011, BSL has developed 21 communities totaling 1,634 units and consulted on 5 construction projects totaling 269 units. Hampton Manor currently operates 15 communities across 5 states totaling 1,305 units. BSL was founded by Shahid Imran who has over 13 years’ experience in the industry and currently serves as the CEO. For more information, visit https://buildseniorliving.com