Contemporary Healthcare Capital Does Mezz

Contemporary Healthcare Capital (CHC) completed two mezzanine loans to help buyers fund the purchase of skilled nursing facilities. The Portopiccolo Group, based in New Jersey, bought a 165-bed facility in Covington, Tennessee and borrowed a combined $8.755 million. CoastalStates Bank of Hilton Head provided the senior loan and CHC provided a $2.25 million mezzanine loan. In addition to funding the acquisition, proceeds were also used for about $600,000 in capital improvements.

 

In a larger deal, Citadel Care Centers bought a 246-bed skilled nursing facility in the Miami area of South Beach, Florida. New York City-based Valley National Bank provided the senior debt of the total $33.9 million of financing, and CHC provided a $3.76 million mezzanine loan. The funds were used for the acquisition and $2.3 million will be used for capital improvements.

 

 

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