Increasing Onsite Parking for a Senior Home as Part of Refinancing
Nossaman helped a senior assisted living and memory care facility to refinance a $17.5 million credit facility with Freddie Mac.
While conducting due diligence, we discovered that the facility did not meet Freddie Mac’s requirement for providing enough onsite parking. We assisted the facility with obtaining parking easements from a neighboring business. We also worked with the State of California and a local government agency to line up a terminable right to use license over surface rights for additional parking located above a state highway tunnel. This required us to negotiate an innovative solution with a title company to obtain title coverage for the parking on the right to use license so that it would be acceptable to the lender.