Capital One Bank has provided a $36.3 million secured term loan to affiliates of Dominion Partners, LLC. The loan will be used to refinance the original construction loan on Somerby of Mt. Pleasant, a senior living community outside Charleston, South Carolina.
Headquartered in Birmingham, Alabama, Dominion Partners has earned a reputation as a premier owner and operator of seniors housing communities throughout the Southeast. Dominion has developed a number of multifamily and senior housing properties since the economic downturn. Its management company, Somerby Senior Living Services, LLC, is considered a “best-in-class” operator by institutional investors for rental continuing-care retirement communities, with 1,123 senior living units under ownership and management.
“We are thrilled to work with Dominion Partners,” said Imran Javaid, Managing Director, Commercial and Specialty Finance, Capital One Bank. “Dominion Partners is widely recognized for its expertise in seniors housing, and Somerby of Mt. Pleasant is an extremely attractive property. We are pleased to have the opportunity to help Dominion achieve its goals.”
The Dominion team was appreciative of Capital One’s responsiveness. “Capital One presented competitive pricing terms with flexible prepayment options,” said Brian Parker, Principal and CFO of Dominion Partners. “The flexible deal structure, in combination with Capital One’s certainty of execution, simplified our decision to work with them.”
Located northeast of Charleston, Somerby of Mt. Pleasant was developed in 2008. It offers luxury amenities such as a fitness facility, restaurant-style fine dining, scheduled transportation, on-duty nurse, indoor heated aerobic exercise pool, and separate guest suite for visiting friends and family. It comprises a total of 248 units, which includes 159 independent living units (apartments and villas) and 89 assisted living units (51 apartments and 38 memory care apartments).
Capital One Bank’s Healthcare team partners with clients in the healthcare and long-term care industries by providing real estate loans, enterprise term loans and revolving lines of credit to address their capital needs. Capital One Bank’s Commercial and Specialty Finance Business serves clients through a team of more than 200 associates who have expertise in technology, healthcare, security and defense, asset-based lending, rediscount finance, municipal finance and equipment leasing and finance.