300K Preferred equity Senior Living facility

Narrative: Sponsors needs preferred equity investor on an existing Senior Living facility in Pittsburg,
PA. SE suburb.
Property Address: Senior Care Plaza
Description:
Asset type: Functioning Senior Living facility. 67,000 sf. 4 stories. Fully equipped.
Property size: 1.6 acres, C-3 plus and additional lot of 1.4 acres for parking.
Number of Units: 148 doors/units
Off Street parking
Location – McKeesport, PA. 15 miles SE of Pittsburgh, PA
Financials:
Purchase Date: 1998
Purchase Price: $410K from the RTC. Originally built as a hotel.
Current First Position Lien: $2.1M+
Taxes: $30,000.00/year
Insurance: $12,000/year
Estimated Closing: September 2023
Current Occupancy: 26 units. 25%. Third party lease with UPMC since 2003 in one designated building.
Current rental Income: $36,000/month
Current Mortgage Payment: $14K/month
Estimated Appraised Value Real estate only: $7M+.
Loan Amount Request: $300K
Term Requested: 6-12 Months
Preferred return: 16% annualized interest. Paid at the time of payoff (refi)
Use of Funds – payoff small balances due on the property. Small Capital improvements ($200K).
Stabilize business.
Exit Strategy: SBA loan in the process.
Sponsor info:
FICO score range – 750+
Liquidity – $400K
Experience – Plenty. 30+ years in Commercial RE. Portfolio of 300+ units.