In the exclusive town of Sierra Madre, California, a high-barrier to entry and highly competitive infill market in Los Angeles County, RED Capital Group and Borrower, Kensington SM GP LLC, worked together to bring a Class A Assisted Living and Memory Care community to an area that was previously underserved in terms of seniors housing. Construction and lease-up of The Kensington Sierra Madre was completed in record time, leading to a recent $29M refinance with Fannie Mae DUS/MBS. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161028005186/en/
The Kensington Sierra Madre (Photo: Business Wire)The Kensington Sierra Madre is a 75-suite Assisted Living and Memory Care community located in Sierra Madre, California, which is in the heart of the San Gabriel Valley, just to the north of the City of Los Angeles. The property, which is home to up to 90 residents, includes 41 assisted living suites and 34 memory care suites, complemented by welcoming resident common areas for dining, living and socializing, and gardens throughout the grounds. The community is operated by Kensington Senior Living, LLC (KSL). In this difficult to zone market, high barriers to entry were met by exceptional community outreach and multiple successful votes, including public approval on the 2012 Presidential Ballot. The fulfillment of RED's and KSL's vision in Sierra Madre is a testament to the patience, perseverance, and expertise required to deliver a best-in-class seniors housing community in such a desirable location. This was a ground up construction loan for RED's proprietary balance sheet lending capabilities that transitioned effortlessly into a permanent Fannie Mae loan ahead of schedule. " RED was delighted to work with Fannie Mae to provide the permanent debt for this outstanding quality seniors housing asset located in a significantly underserved and built-out Los Angeles submarket," states Kathryn Burton Gray, Senior Managing Director for RED. "Kensington Senior Living, the operator, implemented its best-in-class assisted living and memory care programming which resulted in a rapid lease-up and stabilization, and performance levels exceeding expectations." Kensington Senior Living, LLC (KSL), which owns and operates The Kensington, is led by industry-veterans Tiffany Tomasso, Dave Faeder, Billy Shields and Dan Gorham. The group is headquartered in Reston, VA and currently owns and operates five assisted living & memory care communities including two in California, one in Maryland, one in Virginia and one in New York with four more in development.