The Art of Funding the Deal

Eli Kutner of Harborview Capital Partners has been busy of late, closing five acquisition loans that ranged from $3.19 million up to $34.89 million. That largest deal funded the purchase of two skilled nursing facilities (totaling 496 beds) in the towns of Gallatin and Lebanon, Tennessee (Nashville MSA). The loan featured an interest rate of LIBOR+2.85, a 25-year amortization and a three-year term. Staying in the Southeast, the smallest transaction, a $3.19 million loan with an interest rate of LIBOR+3.25, 20-year amortization and three-year term, financed the acquisition of a 135-bed skilled nursing facility in Tampa, Florida. Harborview stayed in the Northeast for the three remaining loan closings. Mr. Kutner originated a 10-year $8.875 million acquisition loan, plus $1.5 million in A/R financing, for a 160-bed skilled nursing facility in Milton, Massachusetts.  He then went to West Philadelphia to arrange a $12 million loan, with a LIBOR+3.75 interest rate, 25-year amortization and three-year term, for a 180-bed skilled nursing facility. Finally, Eli and Jonathan Kutner worked together to originate a $15 million acquisition loan for a 135-bed SNF in Wall Township, New Jersey. All told, that is approximately $74 million in originations up and down the East Coast. The Harborview team has earned their turkey this year.