CHC Provides $5M Mezzanine Loan for Acquisition of Four Skilled Nursing Facilities in Florida

FERNANDINA BEACH, HAINES CITY, ORANGE COUNTY AND NORTH PORT, FLA. — Contemporary Healthcare Capital (CHC) has funded a $5 million mezzanine loan for the acquisition of four skilled nursing facilities in Florida. The borrowers were affiliates of Citadel Care Centers and Cascade Capital Group.

 

Totaling 480 licensed beds, the properties are located in Fernandina Beach, Haines City, Orange County and North Port.

 

The CHC loan was made in conjunction with a senior loan and accounts receivable line provided by SunTrust Bank. Proceeds of the loans were used for the acquisition and associated closing costs.