(To read more on the debt and equity markets, click here.)
TOMS RIVER, NJ-The ownership of Magnolia Gardens Assisted Living Center has refinanced its debt load, in a $8-million non-recourse loan. The borrower's existing loan was $7.9 million with an 8%-interest rate.
With a new loan, the borrower was able to pay off debt, fund a $50,000 replacement reserve as well as $46,000 in repairs, obtain 35-year non-recourse financing. They also locked in in a lower 5.9%-interest rate. The loan, limited to 85% of the appraised value, totals 99% of the borrower's closing cost, and saves the borrower more than $150,000 a year.
The funding comes from Love Funding Corp. Senior vice president Laura Saull-Smith of the mortgage firm's Washington, DC office closed the deal. Magnolia Gardens is a 59,220-sf facility with 100 beds, with a license allowing up to 120 beds. Monthly rates range from $2,635 to $3,940 for assisted living, and $3,255 to $4,615 for Alzheimer's care.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
