Northbridge Cos. has taken a $24.8 million refinancing package for Laurentide at Mashpee Commons, a 70-unit senior housing property in Cape Cod. Greystone provided the 10-year, nonrecourse Freddie Mac loan, which bears a fixed interest rate and a 30-year amortization period.
Public records indicate the financing retires a $20.8 million loan from Cambridge Savings Bank. That loan closed in March 2019, when Northbridge acquired the asset.
Located at 64 Great Neck Road S. in Mashpee, Mass., the property opened in 2018. The assisted living and memory care community’s floor plans range from studio to two-bedroom units. Amenities include a movie theater, walking paths, a physical and occupational therapy facility, and a wide range of planned wellness events.
The senior housing sector across the country has made some gains in recent quarters, but the asset class still faces significant challenges related to occupancy and staffing levels. Demand, which fell greatly during the pandemic, has largely recovered — but many senior housing operators are unable to accommodate rapid move-ins due to a shortage of nursing and care staff.
Even though occupancy has improved in many parts of the country, one consistent pain point for senior housing operators is that expenses have skyrocketed, often far beyond increases in rental income. This again ties back to staff shortages, as many communities rely on pricey agency nurses as a stop-gap measure.