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BHI, Contemporary Healthcare Capital Arrange $9.5MM Loan for Townview Realty

March 27, 2019, 09:10 AM
Filed Under: Industry News
Related: BHI

BHI and Contemporary Healthcare Capital, LLC announced today the closing of a combined $9.525 million in loans to Townview Realty, LLC  for the acquisition of a 118-bed licensed skilled nursing facility located in Canonsburg, PA.
The $7.95 million senior loan provided by BHI includes a $600,000 line of credit. BHI will guarantee an additional earn-out feature of $2.1 million once the facility achieves certain predetermined performance metrics. CHC provided the companion $1.575 million mezzanine loan. Proceeds of the loans were utilized for the acquisition and operation of the facility as well as to pay customary closing costs.

David Simha, President and Owner of Townview, remarked, “I can truly say the process from beginning to end was a pleasure. The level of professionalism and flexibility demonstrated by both teams was unparalleled.”
This was the first joint loan transaction between BHI and CHC. Steve M. McGee, Director of Operations of CHC, and Tami Antebi, First Vice President of BHI, ensured that the entire process was seamless for Townview. Ms. Antebi commented, “From the beginning, all of the parties worked well together. We were glad to extend this loan to experienced operators for a stabilized asset in a market we know well.” Mr.  McGee stated, “This was our first transaction with both BHI and Townview and based on the smooth process, mutual cooperation and outstanding responsiveness and professionalism, we can only hope this is the first of many together in the future.”
Steven Caligor, Executive Vice President of BHI Healthcare and CRE, who oversaw the deal stated, “The two teams used their prior experiences with mezzanine and A/B structures to distinguish themselves from other lenders to offer a competitive, well-structured loan. We look forward to continued success with our new borrowers and Contemporary Healthcare. Most of all, we value our direct relationship with these well-established and highly-experienced operators.”

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