VIRGINIA BEACH, Va. — Contemporary Healthcare Capital has provided a $2 million mezzanine loan to affiliates of The Portopiccolo Group.
The funds will be used for the acquisition of a 150-bed skilled nursing facility in Virginia Beach. The 67,700-square-foot property sits on five acres.
Blairsville, Ga.-based United Community Bank provided the accompanying senior loan. The Contemporary and UCB loans include approximately $2.7 million for future facility renovations and upgrades.