- On March 18, 2021
FOR IMMEDIATE RELEASE
EASTERN UNION CLOSES $57 MILLION IN FINANCING FOR FOUR SKILLED CARE FACILITIES
TWO ASSETS EACH IN FLORIDA AND MASSACHUSETTS REPRESENT A TOTAL OF 544 BEDS
NEW YORK – MARCH 18, 2021 – The Healthcare Group of Eastern Union, one of the country’s largest commercial real estate finance firms, has secured a $57-million bridge financing package that encompasses two skilled-care facilities in Florida and two more in Massachusetts. The four facilities carry an overall count of 544 beds.
Nachum Soroka serves as director of Eastern Union’s Healthcare Group. Senior vice president Jacob Schonland plays a key role on the team.
The two senior-care facilities in Florida represented $26 million of the overall transaction. The first was a 133-bed facility in Naples, FL that provides a combination of skilled nursing and assisted living services. The second senior-care asset was a 146-bed center in Venice, FL that delivers assisted living, memory care, and skilled nursing services. Both Florida transactions were secured in cooperation with Eastern Union’s “President’s Team” consisting of company president Ira Zlotowitz and capital markets specialist Michael Wyne.
The $31-million balance of the overall transaction tied in the recapitalization of two assets in Massachusetts. The first was a 123-bed skilled nursing facility in Salem, MA. The second was a 142-bed skilled nursing facility in Wilmington, MA.
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 competitive floating rate.
“Because of their distinctive nature as an asset class, real estate transactions involving senior care facilities require specialized expertise,” said Mr. Soroka. “Owners around the country have been increasingly taking note of Eastern Union’s consistent ability to deliver competitive rates and terms.”
“Eastern Union was able to get the lender comfortable with a high loan-to-value ratio and with the value-added nature of the deal,” said Mr. Schonland. “While a number of lenders are understandably acting more cautiously because of the pandemic, we were able to demonstrate that the sponsorship and business plan were both sound and investment-worthy.”
Eastern Union’s Healthcare Group services owners and operators of skilled nursing and assisted living/memory care facilities, continuing care retirement communities, and hospitals nationwide, arranging acquisition loans, bridge and HUD financing, A/R advance lines, cash-outs, partnership buyouts and permanent debt placement.
About Eastern Union
Founded in 2001, Eastern Union is a leading national commercial mortgage brokerage firm employing more than 125 real estate professionals and closing an average of $5 billion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates. Serving a nationwide clientele, Eastern Union is headquartered in New York.
The firm closes transactions of all sizes, including multi-state and multi-site portfolios. Eastern Union secures conventional and structured financing for all asset types. In 2020, Eastern Union’s Multi-Family Group reset market pricing by offering a quarter-point fee — with no back-end fees — for refinancing properties backed by Fannie Mae or Freddie Mac. Capital introductions are handled through Eastern Union’s affiliate, Eastern Equity Advisors.
Eastern Union’s free eCALC app instantly and conveniently helps investors value and underwrite deals.
For more information, visit www.easternunion.com.