CROSS Development and Kennor Holdings have secured $38 million in financing for the construction of a 60-bed inpatient rehabilitation hospital in Bradenton, Fla.
The 60% loan-to-cost bank loan was structured at SOFR + 400, floating for two years followed by a three-year mini-perm at SPFR + 340 fixed. The 20% loan-to-cost PACE financing was structured at an 8.77% fixed rate with a 30-year amortization and three years of interest only.
Marcus & Millichap Capital Corp. a division of Marcus & Millichap, arranged the financing led by Dallas-based Senior Director Kevan McCormack.
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The project will be managed by Nobis Rehabilitation Partners, which currently manages 14 hospitals nationwide with another eight in the construction pipeline. This will be the fourth project in Florida that Nobis is managing with the other three hospitals located in Jacksonville, Orlando, and Tampa.
The Bradenton development represents the fourth Nobis Rehabilitation Hospital to be built by the co-development team.
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