Paragon Village is a multi-family, senior residential rental apartment facility located in Mount Olive, Morris County, New Jersey, which currently consists of 70 independent living units and 73 assisted living units in two residential buildings. The previous operator was unable to achieve occupancy to generate sufficient revenues to pay the debt service on the approximately $23 million loan. Consequently, the Facility defaulted and the property was sold at a foreclosure sale.
The current owner, the local government issuer, did not want to own and operate a senior living facility for the long term, and sold the community under an RFP process. Hamlin Capital Advisors, LLC, was able to provide advisory services on a unique financing structure. This resulted in closing on $17.3 million of debt needed to finance the costs of acquiring, renovating, improving and equipping the community.
A significant portion of the Series 2015 bonds were issued as tax-exempt instruments. The financing consisted of a first, second, and third lien debt.
Advisory Services
“The creativity and resourcefulness demonstrated by Hamlin was instrumental in closing this transaction..”*
Glenn Kaplan, CEO
Paragon Senior Living
*Testimonials provided may not be representative of the experience of other clients. Such testimonials are no guarantee of future success or performance.
