Acquisition of Defaulted Loan for Memory Care Facility in Missouri

MSP acquired a defaulted construction loan from the lender at a significant discount on a 54-bed stand alone memory care facility located in Lee’s Summit, MO (approximately 20 miles southeast of Kansas City). The property was completed in 2018 and was 57% occupied at acquisition. The property had suffered operational difficulties due to the bankruptcy of its parent company despite its location in a strong submarket. MSP partnered with Seasons Living, the operating partner on a previous development, Torrance Memory Care in Torrance, CA. The partnership foreclosed on the note in September and has taken over operations of the facility.