Ziegler Arranges $9.6M Refinancing for Eskay Real Estate

UNION GROVE and LOMIRA, Wis. — Ziegler has arranged $9.6 million in refinancing on behalf of Eskay Real Estate, a family-owned post-acute care provider in Southeastern Wisconsin.

The refinancing funded the acquisition of a previous partner’s majority interest and refinanced SBA loans related to two post-acute care campuses located in Wisconsin. Both facilities provide skilled nursing care and assisted living accommodations in Union Grove and Lomira.

Ziegler recommended refinancing outstanding SBA debt with FHA Section 232/223(f) program to allow Eskay to lower its debt service and eliminate bank-related financing risks by locking in a 35-year interest rate.

The refinancing/partnership buyout was structured as a single, cross-collateralized loan under FHA’s “scattered site” guidelines given their close operational proximity and single corporate owner.