Scribner Capital Provides Construction Mezzanine Loan for Arizona Seniors Housing Development
Creative Development Financing Solution for Link Senior Development
NEW YORK, March 29, 2021 – Scribner Capital, LLC (“Scribner”), a firm dedicated to providing capital solutions to the seniors housing and healthcare industry, today announced it has provided a construction mezzanine loan for the development of Ativo Senior Living of Prescott Valley, sponsored by Link Senior Development (“Link”), a comprehensive seniors housing development services firm.
Ativo Senior Living of Prescott Valley will be a 136-unit senior living community consisting of a central building with 25 independent living units, 75 assisted living units and 30 memory care units, as well as six independent living cottages. The community will open in the summer of 2022 and feature large floor plans with an abundance of natural light. Residents will be able to take advantage of numerous best-in-class amenities, including enjoying dinner and a movie in the on-site theater, or relaxing while enjoying the mountain views in the club room.
An experienced developer of seniors housing in secondary and tertiary markets throughout the Mountain West, Link will operate the community through its integrated management company, Insight Senior Living.
Scribner provided the financing as part of its strategic partnership with a leading alternative asset manager focused on municipal, public purpose and community assets.
“Development financing has not been this difficult since the wake of the Great Financial Crisis, and our creativity was instrumental in making Link’s vision a reality,” said Mr. Scribner. “Having worked with Link on several prior projects, we know how strong the team is when it comes to site selection and development. With the tightening bank lending market, the sizing and structural needs of the financing increased, and our flexible capital and creativity allowed us to be nimble in servicing those needs.”
“Link is proud to bring Prescott Valley to Arizona – our sixth seniors housing development in the state – and we value the partnership and collaboration with Scribner,” stated Ron Ziebart, CEO of Link Development. “The creative financing solutions allowed us to get this development underway during such a challenging environment, and we know that our collective vision for Ativo of Prescott Valley will create a best in class and welcoming home for residents in the near future.”
With the ability to move quickly and invest throughout the capital stack, Scribner focuses on providing mezzanine debt, like the Ativo community, preferred equity and joint venture equity to seniors housing projects. The partnership also expects to target non-performing debt and opportunities in the debt capital markets.
About Scribner Capital
Scribner Capital was formed during one of the most volatile periods in history to provide stable capital to owners, operators and developers of seniors housing and healthcare assets. For over 15 years, Principal and Founder James Scribner has been exclusively focused on providing creative and highly-structured capital solutions to the seniors housing and healthcare industry, including joint venture equity and subordinate debt, as well as bridge financing, FHA/HUD and GSE first mortgage financings. He has also led complex restructurings and distressed note purchases. For more information, visit www.ScribnerCapital.com.
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