PCCP, LLC Announces $20.2 Million Senior Loan Financing on Two Independent Living Communities in Georgia and New York

SAN FRANCISCO, CALIF., September 20, 2010 – PCCP, LLC has announced that it has provided senior loan financing totaling $20.2 million for the acquisition and recapitalization of two recently constructed independent living communities.

Both properties are owned by United Group of Companies.

They include The Lodge at Bridgemill, a 150-unit property built in 2007 situated in Canton, GA just 35 miles north of Atlanta, and Colonial Square (top left photo), a 144-unit property built in 2008 and located in Utica, New York.

 The assets are amenity-rich, maintenance-free rental properties for adults 55 years and older that are now leasing. Each community includes a large clubhouse and amenities such as a fitness center, pool, game room, media center, and meeting space.

“This investment offered PCCP the opportunity to provide attractively priced first mortgage financing on two newly built independent living facilities at a significant discount to replacement cost,” said Don Kuemmeler, (middle right photo)  founding partner of PCCP.

“The owner of the properties has a proven track record with similar senior living properties, and has achieved enough leasing on these two communities to provide a measure of debt yield to our financing.”

“The multifamily sector has offered promising returns for assets in hotspots across the United States as recovery begins to occur,” added Adam Zoger, a principal with PCCP. “Senior living in particular is a sub-sector we like as demand for well-maintained, well-managed facilities is strong and the target demographic continues to grow in number.” 

PCCP’s team of seasoned investment professionals and established lending platform has originated in excess of $3.5 billion of floating-rate loans over the past 12 years. 

About PCCP, LLC: PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments.  PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors.  With 33 investment professionals and 50 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States.  

 Learn more about PCCP at http://www.pccpllc.com/.
Contact: Darcie Giacchetto Spaulding Thompson & Associates, Inc.,
949-278-6224