Updated 4 months ago on . Most recent reply
Assisted Living Facility/Memory Care buy/rehab vs build
We are currently looking to acquire in Texas a medical building for about $2.4 mil all in (purchase and rehab) with hard money lender with about 20% down at 8%. We are also considering to purchase land (there is lots of it and pretty cheap) and build with a possibility of 100% construction loan (so just 20% down for land which may be equal to $40K for $200K 3 or 4 acres) the build out will be about 2 to 2.5 mil. Since our market is low income Medicare and VA markets the land can be with in any distance (as long as we can get staff) from major city, thus cheap. The facility will be for 100+ residence. Any suggestions or referrals on funding that is better then what I listed above? Anyone has done medical facility fundings? TIA.