BIRMINGHAM, Ala.–(BUSINESS WIRE)— Coastal States Bank (“CSB”) announced that it recently closed a $9 million loan to refinance a 60-unit purpose-built memory care community in Centerville, Ohio and to acquire a 53-unit memory care community in Creve Coeur, Missouri. Following the closing, the Sponsor’s affiliated management company, Kauhale Healthcare Management, began managing the community in Creve Coeur and will continue managing the Centerville community, which it acquired in October 2024. The loan, which closed in coordination with a preferred equity investment from Kauhale Healthcare Real Estate and Locust Point Capital, was structured with a four-year term with interest-only payments for the first 12 months. The transaction facilitated the Sponsor’s deployment of the value created in Centerville, a mortgage debt-free community, to support the continued expansion of its seniors housing portfolio, which now consists of eight properties across five states.
About the Company
Coastal States Bank builds relationships by providing a full range of banking services designed for businesses, their owners, and individuals looking for a local banking partner. CSB’s Senior Housing Lending vertical provides competitive and creative financial solutions nationally to senior housing owners and operators for acquisitions, construction, renovations, recapitalizations and expansions. At present, CSB has approximately $2.3 billion in total assets. CSB is a wholly-owned subsidiary of CoastalSouth Bancshares, Inc. (NYSE: COSO).
For additional information regarding Coastal States Bank, please visit www.coastalstatesbank.com.
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