A high-quality skilled nursing facility in Virginia refinanced its debt with the help of CIBC Bank USA. The facility, which has an effective age of nine years, posted strong operating results, with occupancy around 88% and an EBITDAR margin historically at 28%. Strong, indeed. CIBC provided the facility’s Virginia-based owner/operator with $35.0 million in senior secured credit facilities in the form of a $33.0 million commercial mortgage term loan and a $2.0 million working capital line of credit. The credit facilities were used to refinance existing debt on the SNF. Matthew Tyler and Neal Netzel of CIBC Bank USA handled the financing.
CIBC Refinances High-Quality SNF
