Contemporary Funds Mezzanine Financing for Acquisition in North Carolina

GASTONIA, N.C. — Contemporary Healthcare Capital has provided a $504,750 mezzanine loan to affiliates of Ivy Senior Living.

The funds will be used for the acquisition of a 50-bed licensed skilled nursing facility in Gastonia, approximately 20 miles west of downtown Charlotte. The 14,300-square-foot facility is situated on 4.9 acres.

Millennium and Alliance Banks provided the associated senior loans. The combined financing was utilized for the acquisition and included $200,000 for facility renovations and upgrades, as well as a $200,000 working capital line of credit.