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Commercial Real Estate Group Taps Into Refinancing Rush

In Maryland, ""Sunrise Senior Living, Inc."":http://www.sunriseseniorliving.com/, is taking advantage of the recent refinancing boom. The real estate company has announced changes to its loan for Bethesda's Fox HIll assisted living community, noting that Sunrise has opted to refinance the existing mortgage.

Sunrise tapped ""Eagle Bank"":www.eaglebankcorp.com/ to conduct the refinancing activity, and the resulting new loan carries a principal amount of $26 million. Due to the repositioning of the loan, Sunrise has now been released from its obligation to the previous lender to fund operating deficits.

Mark Ordan, Sunrise's CEO, commented, ""We are pleased to be working with our venture partner and Eagle Bank to put our Fox Hill assisted living community on sound footing.""

As part of the refinancing, Sunrise funded an estimated $6 million on behalf of the venture, which led to a modification of joint venture terms.

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Additionally, the return of Sunrise's new funding will take precedence over existing equity, and the venture partner's full return will be capped at $6.5 million, which represents the capital contribution.

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