"Administratively, the five nursing homes were packaged as a group for the purpose of obtaining a mutually advantageous funding package," says Cambridge chairman Jeffrey A. Davis. The loan refinanced four homes and funded the acquisition of a fifth property.
The properties are the Courtyard Nursing Home of Orlando, 120 beds; Bayside Nursing Home of Northbay Village, 92 beds; Palmetto Nursing Home of Hialeah, 90 beds; Renova Nursing Home of Lake Park, 85 beds; and Woodbridge Nursing Home of Tampa, 120 beds.
Each property had separate first and second mortgages and both secured and unsecured debt. "With the debt consolidating arrangement, the borrowers were able to develop a new banking relationship with a single lender and obtain a lower rate," Davis says.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.