Contemporary Healthcare Capital (CHC) closed two more mezzanine financings, working with bank partners to round out the capital stacks in the two transactions. CHC first returned to Wenatchee, Washington, where it had originally closed a $6.8 million construction loan and a $1.35 million mezzanine loan in December 2014 to fund Regency Pacific Management’s development of a 55-bed skilled nursing facility. After opening in 2016, the time has now come to refinance, and CHC was tapped to provide a $2.4 million mezzanine loan. CoastalStates Bank of Hilton Head, South Carolina provided the senior portion of the total $8.4 million uni-tranche loan.
Then, in Mesquite, Nevada, CHC closed a $2.5 million mezzanine loan (of the total $10.5 million uni-tranche loan) for affiliates of Mission Senior Living to build a new 78-unit assisted living/memory care community. Both CoastalStates Bank of Hilton Head and Sunwest Bank of Irvine, California provided the senior debt. The loan represented 85% of the total costs and will be used for the construction and stabilization of the property.