The owners of an assisted living facility in Smithtown have secured $29 million in refinancing.
Manhattan-based Sculptor Real Estate, an affiliate of Sculptor Capital Management, and Waltham, Mass.-based Benchmark Senior Living received a three-year refinancing loan for its 101-unit, 136-bed assisted living and memory care community Whisper Woods of Smithtown.
Built in 2018, the development at 71 St. Johnland Road is located on 12.4 acres across from St. Catherine of Sienna Medical Center.
The refinancing loan from Live Oak Bank was arranged by Joel Mendes, Ted Flagg and Stephen Van Leer of the JLL Capital Markets team.
“Benchmark and Sculptor built and leased a high-quality, well-located seniors housing property in Whisper Woods of Smithtown,” Mendes said in a company statement. “The receptivity of this financing in the market demonstrates the strength of Benchmark and Sculptor as sponsors as well as the solid performance of the asset itself. The lender stepped up as well and delivered on their proposed terms. We are excited for the continued success of this property for all parties involved.”
Jerry Liang, Benchmark CFO, praised the JLL team for their work in arranging the refinancing.
“We have a longstanding relationship with JLL and continue to be impressed by their diligence and expertise,” Liang said in the statement. “We look forward to maintaining the positive resident experience and quality of care at Whisper Woods of Smithtown.”