Matthew Tyler and Neal Netzel of CIBC Bank USA closed a cash-out refinance of a 120-bed skilled nursing facility in eastern Kentucky. With an effective age of 20 years, the facility has been managed by a local operator for a number of years. Its historical occupancy hovered around 75%.
Ownership obtained a $13.5 million loan, with a five-year term, on the real estate. In addition, CIBC arranged a $1.0 million revolving line of credit to support working capital needs.