BLUE ASH, Ohio — Harborview Capital Partners has brokered $73 million in loans for CommuniCare, a healthcare owner-operator based in the Cincinnati suburb of Blue Ash, to purchase a skilled nursing portfolio. Capital One provided the financing.
The nine-building portfolio includes 936 beds and is located throughout Ohio and Maryland. CommuniCare already operated the facilities, and will continue to do so as owner.
The financing consists of a $12 million revolver loan and a $61 million bridge-to-HUD loan. The capital stack was further enhanced by a mezzanine loan in the amount of $8.5 million.
The funds were used to refinance existing debt, exercise purchase options and consolidate balance sheets in preparation for bringing the portfolio to HUD. The five-year, floating-rate loan is non-recourse and has a LIBOR-based interest rate with one year of interest-only payments.
Ephraim Kutner and Jonathan Kutner, both principals with Harborview, brokered the loan. Gershon Yarmush, senior loan analyst, negotiated the terms.