LONG ISLAND, N.Y. — Carnegie Capital has sourced and structured a $24 million bridge loan to refinance a skilled nursing and assisted living facility along the North Shore of Long Island.
The borrower is a local owner-operator that has managed the property for over a decade. The community features 324 licensed beds. The name and specific location of the facility were not disclosed, nor was the name of the lender.
The financing will restructure operating debt and fund a rehabilitation of the upper level.
The note features fixed rate with a flexible exit after the first year to give the owner the freedom to refinance or dispose of the asset as the market allows. JD Stettin of Carnegie Capital arranged the financing.