BankAtlantic recently provided a redevelopment loan for this 196-unit independent living facility. This Class A facility with numerous amenities contained a total of 175,000 square foot and was built in 1988-89. The property was in good condition but the borrower wanted to complete some cosmetic improvements. The borrower had a plan in place to perform $2 million in renovations out of pocket. BankAtlantic refinanced the existing debt for a term of 5 years fixed which allowed for an interest only period for 12 months while the renovations were being completed. After the initial interest only period the loan was put on a 25 year amortization.
