NEW YORK CITY — The Healthcare Group of Eastern Union, a New York-based commercial real estate finance firm, has secured a $57 million bridge financing package that encompasses two skilled nursing facilities in Florida and two in Massachusetts. The four facilities total 544 beds.
The two facilities in Florida represented $26 million of the overall transaction. The first was a 133-bed facility in Naples that provides a combination of skilled nursing and assisted living services. The second asset was a 146-bed center in Venice that delivers assisted living, memory care and skilled nursing services.
The $31-million balance of the overall transaction was for the recapitalization of two assets in Massachusetts. The first was a 123-bed skilled nursing facility in Salem; the second was a 142-bed skilled nursing facility in Wilmington.
The overall financing package, covering a three-year term, was secured on a limited recourse basis at an 85 percent loan-to-value ratio. Payback is interest-only for the first 24 months. Interest was set at a floating rate.
The lender and borrower were not disclosed.