Harborview Capital Partners announced a series of recent closings for several clients across the country. First, the firm worked with a national lending partner to arrange an $81 million loan to refinance a portfolio of four skilled nursing facilities and one assisted living community in Maryland. The loan featured aggressive LIBOR-based fixed interest rate and a four-year term with limited recourse. It resulted in a cash-out in excess of $20 million for the New Jersey-based owner. Ephraim Kutner, Jonathan Kutner and Eli Kutner originated the transaction.
Then, Harborview arranged for the refinance of two senior care properties in Queens, New York. The 200-bed skilled nursing facility obtained a $6.85 million loan with a 25-year amortization and 10-year term from a regional bank. Matt Hedvat and David Nussbaum originated the loan. Eli Kutner arranged a $6 million loan for the 262-bed assisted living community that was also provided by a regional bank and came with no recourse.
Finally, working with Meridian Capital Group and CIT Group, the team arranged $93.7 million in financing to support the acquisition of six skilled nursing facilities and the leasehold rights to 13 additional facilities in California (14), Washington (4) and Nevada. The buyer, New Generation Health, purchased the facilities and operations from Genesis HealthCare (which will retain an indirect 50% interest) back in February, with Genesis staying on to provide certain administrative and back office services, as well as therapy services to the facilities. The purchase price came to $79 million.
The financing package consisted of a $65.7 million senior loan and an additional $28 million revolver provided by a commercial bank.