Northland Networks served as exclusive placement agent for the bank refinance of Condor Health, a 181-bed skilled nursing facility in Anderson, South Carolina. The facility opened in 1965 and was expanded in 1974 and 1980. It sold in September 2019 for $11.5 million, or $64,000 per bed, when it was losing money, despite boasting an occupancy around 90%.
The borrower, The Portopiccolo Group, obtained a loan that represented a 65% loan-to-“as is” value. Seth Kahn, Anthony Budniak and Derek LaSota of Northland Securities facilitated the financing.
