ROSSVILLE, Ga. — Popular Community Bank has provided a total of $7.5 million in financing for Parkside Skilled Nursing Facility, a 125-bed facility in Rossville, near the Tennessee border only five miles from Chattanooga.
The financing includes a $5.4 million acquisition mortgage, a $1.1 million leasehold improvement line of credit to fund renovations and a $1 million working capital line of credit.
Parkside was previously a member of the Hutcheson Medical Center hospital group and is located on the same campus as the Hutcheson Medical Center. The hospital system filed for bankruptcy in late 2014 has been operating under the control of a bankruptcy trustee since then. Despite the issues, occupancy at Parkside has remained above 90 percent.
The buyers, an East Coast-based group of investor-operators, plan to upgrade Parkside’s offerings to cater to short-term residents and will construct a 16-unit sub-acute wing attached to the facility.