The Healthcare Group of Eastern Union secured a large bridge financing to support the acquisition of two skilled nursing facilities in Florida and the recapitalization of two in Massachusetts. Nachum Soroka, director of the group, led the transaction, with Jacob Schonland also playing a key role. A total of $57 million in bridge debt was arranged, coming with a three-year term, two years of interest only and a floating rate tied to LIBOR. Eastern Union secured the debt on a limited recourse basis at an 85% loan-to-value ratio.
Eastern Union president Ira Zlotowitz and capital markets specialist Michael Wyne also helped on the Florida deal, which included a 133-bed senior care facility in Naples (117 units) and a 146-bed facility in Venice (126 units). The company did not disclose the parties involved in the deal, but it was later announced that JLL represented the seller, Prime Care One, LLC, in the properties’ sale to Pointe Group Care, LLC for $26.8 million, or $110,300 per unit. It was also later announced that Oxford Finance provided the debt.
The balance of the bridge loan, representing around $31 million, recapitalized two skilled nursing facilities in Massachusetts, including a 123-bed facility in Salem and a 142-bed facility in Wilmington.
