Eastern Union Secures $20.4 Million To Convert A 137-Unit Hotel Into An Assisted Living Residence In Plano, Texas

Eastern Union, a commercial mortgage broker, arranged $20.4 million in refinancing toward the conversion of a six-story, 137-unit hotel in Plano, Texas into an assisted living residential community. After the conversion, it will operate as Parkdale Senior Living with 100 assisted living units and 40 memory care units. The conversion is expected to be complete by the middle of 2026.

The overall financing consists of two loans provided in conjunction with the SBA 504 program. The first loan is for $15,779,000 over a term of 26 years and three months. The second mortgage is a . . .