Harborview Capital Partners has been in the business of financing large acquisitions of senior care properties lately. Just last month, the firm arranged the sale and $37.4 million in HUD financing for a senior living portfolio in Arizona, and then days later, Harborview also sold a skilled nursing portfolio in Ohio and arranged a $20.7 million bridge loan to finance the deal. The team of Eli and Jonathan Kutner continued this impressive form in arranging a $20.71 million bridge loan to fund the acquisition of a skilled nursing facility in Westchester, New York (New York City MSA). The loan, provided by a national lender, featured a LIBOR-based rate and a three-year, interest-only term. In the end, the loan was valued at 80% loan-to-cost, resulting in an approximate purchase price of $25.9 million. Messrs. Kutner also arranged a $1.5 million A/R line of credit with the same competitive interest rate as the senior loan.
Jeffrey Fuchs of Harborview Capital Partners also refinanced a 69-unit assisted living community located in central Georgia with a $7 million Fannie Mae loan. Arranging on behalf of a repeat client, the cash-out refinance came with a seven-year term, 30-year amortization and competitive interest rate. We hope a summer vacation is in store for the Harborview team.
