Contemporary Healthcare Capital Provides Two Mezzanine Loans Totaling $6.1M

MIAMI and COVINGTON, Tenn. — Contemporary Healthcare Capital (CHC) has closed mezzanine loans for two seniors housing communities in Miami and Covington totaling $6.1 million.

In the first transaction, CHC closed a $3.8 million loan that was part of a larger $33.9 million financing package for Citadel Care Centers. The borrower used the funds to acquire a 246-bed skilled nursing facility in Miami. CHC’s lending partner on the transaction was Valley National Bank of New York City. In addition to the acquisition, the financing provided $2.3 million for capital improvements.

In the second transaction, CHC closed a $2.3 million loan as part of a larger $8.8 million financing package. The borrower, The Portopiccolo Group, used the funds to acquire a 156-bed skilled nursing facility in Covington, located 40 miles north of Memphis. CHC’s lending partner on the transaction was CoastalStates Bank of Hilton Head, S.C. The financing also funded $600,000 in capital improvements.

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