The acquisition is being financed with a $13.6-million loan. Theloan to value is 85%, making the acquisition cost approximately $16million. Cambridge provided the financing for the acquisition. Theterm of the loan is 35 years, Davis says. The interest rate was notdisclosed.
The facility has a total of 224 beds with 111 intermediate-carebeds and 113 board and care units. The building was constructed inthe 1970s, Davis says. The new owners are not expected to be doingany major renovations to the building, he says. Cambridge hadpreviously provided financing to the prior owners of the nursingcenter. "We knew the building. It performs very well," he says.
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