Ziegler’s Senior Housing & Care Finance Practice has successfully closed the refinance and partnership buyout of a family-owned post-acute care provider in southeastern Wisconsin. Eskay Real Estate 2020, Inc. (Eskay) owns and operates two campuses in the towns of Union Grove and Lomira, providing both skilled nursing and assisted living services at each location. The properties held two SBA loans, which Eskay wished to refinance, and one of the partners also chose to divest his majority interest in the company.
In comes Ziegler, which refinanced the loans with $9.557 million of HUD debt. Proceeds from the permanent debt allowed Eskay’s CEO, Steve Kuranz, to purchase 100% interest from his previous partner, and to fund repairs plus a replacement reserve of $875 per operating bed. Ziegler structured the refinance/partnership buyout as a single, cross-collateralized loan under HUD’s scattered site guidelines.
