JD Stettin of Carnegie Capital has announced another acquisition financing, this time for two skilled nursing facilities in north central Texas. Combining for 206 licensed beds and 54,000 square feet, the facilities were built in the mid-1970s. Occupancy could be improved, but that is not surprising given the past year. A national private fund emerged as the buyer, partnering with regional and local operators to manage the facilities.
They paid $8.5 million, or $41,300 per bed. Mr. Stettin secured a hybrid bank/private loan at 80% loan-to-cost (so, $6.8 million), which came with a three-year, interest-only term and a rate in the mid-4s.
