BIRMINGHAM, Ala.–(BUSINESS WIRE)— Coastal States Bank (“CSB”) announced that it recently closed a $6.5 million loan for Benicia Senior Living (“Sponsor”), an established client of the bank. Proceeds were used to refinance the indebtedness on a stabilized assisted living and memory care community in Centralia, WA. The Sponsor oversaw the successful renovation and repositioning of the community in 2022. The transaction replaced high-cost subordinate debt with traditional first mortgage bridge financing, featuring attractive terms and resulting in substantial savings to the Sponsor.
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 $2.4 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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