BIRMINGHAM, Ala.–(BUSINESS WIRE)-– Coastal States Bank (“CSB”) announced that it recently closed a $12.5 million bridge loan for Mosaic Management (“Sponsor”), a prominent seniors housing owner-operator with more than 1,800 units across seven states. The community was acquired in March 2023 as part of a 3-property portfolio of senior living communities in Arizona. Loan proceeds were used to replace the higher cost of capital in the acquisition loan due to substantial performance improvements. The transaction was structured with competitive terms, including a four-year maturity and a provision for additional financing through an earnout, subject to the achievement of certain performance hurdles.
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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