The financing was used to retire existing senior secured term loans and fund approximately $300,000 in planned capital improvements across both properties. The sponsor was seeking a fast-paced lender to pay off a matured term loan, then implement a renovation plan, and allow for ample time in order to refinance through HUD on a permanent loan program, according to Thorofare Executive Vice President Felix Gutnikov, who worked to close the loan.
The loan is secured by a 20,277-square-
“The strategic locations of these facilities, the highly experienced operator, and the attractive loan basis per bed were all contributing factors to funding the first of what will be many loans in this sector,” said Gutnikov.
The sponsor currently owns, operates, or manages 20 healthcare centers throughout the state of California, offering complex medical care, rehabilitation, sub-acute care, skilled nursing, Alzheimer’s, long-term skilled nursing care, and Assisted Living centers. The facilities serve approximately1,700 patients and are staffed by more than 2,000 employees. The sponsor’s portfolio under management includes a total number of 1,900+ beds, which are 90% percent occupied on average.
“We look forward to establishing our reputation as a trusted partner for high quality healthcare owners and operators throughout the country,” adds Thorofare CIO Brendan Miller. “Our target property types in this space will include skilled nursing facilities, assisted living facilities, and senior housing, especially in sub-markets with strong real estate and demographic fundamentals.”
About Thorofare Capital:
Los Angeles-based Thorofare Capital is an alternative investment platform which focuses on originating, funding, and servicing $2 million to $25 million short term commercial real estate loans nationwide. The firm also holds a strong track record of financing the acquisition of performing and non-performing senior mortgages (NPL’s) and loan portfolios. Thorofare is currently deploying capital through Thorofare Asset Based Lending Fund III, LP, a $250 million discretionary debt fund, to provide short term real estate financing nationwide to qualified borrowers with a focus on transitional assets in need of repositioning, capital improvements, and lease-up of vacant space. Since 2011, the firm has deployed more than $300 million over 75 transactions throughout 16 states and continues to grow its market share. For more information, please contact: firstname.lastname@example.org or 213-873-4000.