Carnegie Capital showed its strength this month, announcing two loan closings in Georgia and Ohio. First, J.D. Stettin sourced and structured $10 million in bridge loans to fund the acquisition of two skilled nursing facilities and 177 beds in Macon and Warner Robins, Georgia (Atlanta MSA). The financing, which came with an interest-only term and no prepayment penalties, featured a loan-to-cost of 80%, so we have estimated the purchase price to be around $70,600 per bed.
Then, Mr. Stettin refinanced a brand-new assisted living/memory care community in Cleveland, Ohio with a $16 million loan. A local community bank provided the original $9.5 million construction loan for the community, which was completed in early 2017 and already filled the 40 assisted living and 34 memory care units. Now, Carnegie worked with two Ohio community banks to provide the new loan. It comes with a low-rate coupon fixed for five years, with flexible exit options, and allows the owner/operators to recapture some of their equity.