Forbright Bank, a full-service bank, and HJ Sims, a private investment bank and wealth management firm, provided financing for the acquisition of two skilled nursing facilities in California. Located in two strong submarkets, the facilities total 150 beds, with occupancy above 95% at the time of marketing. The buyer was a regional skilled nursing owner/operator who plans to renovate both facilities.
Forbright and HJ Sims closed a unitranche loan product totaling $13.9 million at attractive leverage, with that loan product acting as a single debt obligation with one set of loan documents and one monthly mortgage payment. Together, over the past 12 months, the partnership has financed over $50 million of first mortgage debt, resulting in five closed deals.
