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EBSC Lending Closes $17.1MM Senior Bridge Loan for Skilled Nursing Facility Acquisition

November 30, 2023, 07:00 AM
Filed Under: Nursing Facilities
Related: EBSC Lending

EBSC Lending closed a $17.1 million senior bridge loan, which was used for the acquisition of a skilled nursing facility located in suburban Albuquerque, NM. The Sponsor required immediate execution due to an expiring purchase option,The Sponsor, a seasoned owner and operator will focus on improving the facility, the quality of care, and its operating performance. The Sponsor plans to refinance EBSC Lending’s bridge loan with conventional financing within 12 months.

This is the second financing for the same sponsor in 2023. In March, The Sponsor needed a $13.9 million bridge loan to facilitate a discounted payoff on its existing bank loan for a 160,000 square foot, single-story warehouse industrial property located in Macomb County, MI, which went into default due to the bankruptcy of a major customer in December 2022. In recent months, the Sponsor’s business stabilized and started to build a backlog of prospective clients. EBSC Lending funded the senior bridge loan simultaneously with a working capital facility from a bank, which allowed the Sponsor to expand its business and capitalize on a robust pipeline of new clients.

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