Eastern Union Secures $20.4m Financing For Assisted Living Conversion Project In Plano, Texas

PLANO, Texas — Eastern Union has secured two loans totaling $20.4 million to finance the conversion of a former hotel property in Plano, Texas, into an assisted living community. Totaling 137 room across six stories, the building was most recently operated as a Deluxe Inn and was previously a Comfort Inn. Built in 1984 and renovated in 2005, the property has been owned and operated by Maheshbhai Patel since 2022. 

Meir Abrahamson of Eastern Union arranged the transaction, which included a construction loan, as well as the refinancing of an existing bridge, on behalf of Patel. 

The first loan consists of a $15.8 million construction loan, which features 15 months of interest only payments, after which it will convert to a 26-year permanent loan with a change to the interest rate. 

The financing also included a $4.67 bridge loan to refinance the existing bridge loan, which was originated in August 2022 and renewed once.

An undisclosed lender provided the financing. 

Upon completion of the project, the property — which totals 98,951 square feet situated on a 2.3-acre parcel — will be operated as Parkdale Senior Living, with 100 assisted living units and 40 memory care units. Completion of the conversion is scheduled for the middle of 2026. 

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