Birmingham, Michigan (January 19, 2023) - Kandu Capital, LLC ("Kandu"), the real estate and health care-focused family office, and its seniors housing operating company, Bloom Senior Living ("Bloom"), today announced the refinancing of Bloom at Kokomo.

Bloom at Kokomo, a 78-unit Assisted Living and Memory Care community located in Kokomo, Indiana, was acquired in May 2019 from Capital Senior Living Corporation (NYSE: CSU) (now Sonida Senior Living (NYSE: SNDA)) for $64,000 per unit. At the time, as reported by Senior Care Investor, occupancy was 80%, revenue was just over $3 million, and the community was losing money. Bloom management projected EBITDA could grow to at least $750,000.

In just over three years and notwithstanding COVID-19, Bloom successfully turned around and stabilized the community. Occupancy and revenue have grown to 96% and approximately $4.3 million, respectively, and the community is profitable with $1 million of cash flow and over $750,000 of EBITDA. In October 2022, Senior Care Investor called it: "A Successful Turnaround, Twice."

With Bloom at Kokomo stabilizing and the growth expected to accelerate, the community has been refinanced with CommerceOne Bank based in Birmingham, Alabama.

Tony Kantor, Kandu's/Bloom's Principal and Director of Finance, states "we've been in discussions with leadership at CommerceOne for awhile and are excited, through our Kokomo community, to start a new professional and personal relationship with the bank. Given our family's conservative stance on leverage over the course of multiple decades, which aligns with CommerceOne's values, we've put a modest mortgage on the community representing approximately 35% loan to value. We look forward to building upon our relationship with CommerceOne and exploring more opportunities. We remain bullish on seniors housing despite the current macro environment. Our current portfolio is already outpacing pre-pandemic levels with record occupancy, rate and net operating income growth, and the supply/demand imbalance only makes the space more appealing over the next decade."

Kandu/Bloom is actively pursuing new seniors housing opportunities.