BMO’s Healthcare Real Estate Finance group announce that they have closed on a $117,325,000 facility for affiliates of Municipal Capital Appreciation Partners (“MCAP”) to finance the acquisition and renovation of a portfolio of nine senior housing properties. The communities are located across Virginia and total over 780 beds. Commonwealth Senior Living will continue to manage the properties on behalf of MCAP.
Since its inception in 1996, the MCAP Funds have invested over $1 billion in senior living communities, multifamily properties, affordable housing and tax credit related investments. The MCAP Funds have invested over $800 million to purchase, restructure, refinance and/or develop more than 4,000 senior living community units. The balance of investments include low-to-moderate income housing, low-income housing tax credits, 9,500 multifamily housing units nationwide.
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