IDB Bank and Contemporary Healthcare Capital collaborated on a financing package to support the acquisition of an assisted living community in Hollywood, Florida. Built in the early 1960s and renovated in 2016, this community boasted an average occupancy of 96.5% in the last 12 months, an impressive feat to say the least. It features 105 beds in 57 units and is being purchased by an assisted living owner/operator looking to grow its presence in Broward County. They already own one community in Hollywood and provide third-party operations for another local community for 428 Healthcare Management.
To fund the deal and some immediate repairs, IDB first placed a $7.48 million loan with a three-year term and LIBOR-based swapped rate. Lisa Silvers arranged the transaction. Then, Contemporary Healthcare Capital provided a mezzanine loan to round out the capital stack.
