Senior Care Capital Arranges $192.5M for 16-Community Skilled Nursing Portfolio Acquisition

On September 10th, 2015, posted in: Latest News, Latest News by

Senior Housing Business

ST. LOUIS — Senior Care Capital, a healthcare-focused subsidiary of Paradigm Commercial Real Estate, has arranged a $192.5 million credit facility. The borrower is St. Louis-based owner/operator Bravo Holding Company Inc., which will use the money to purchase 16 skilled nursing facilities throughout Illinois and Missouri, as well as the Rosewood Care Center brand under which the facilities currently operate.

The loans, which represent a 92 percent loan-to-cost ratio, are composed of a senior first mortgage of $167.5 million, several tranches of senior and junior mezzanine financing, and a $5 million preferred equity tranche totaling $25 million.

A combination of HUD, mezzanine lenders and a private equity lender provided the capital.

Bravo will use $16.7 million of its own capital toward the purchase, and plans to spend more to improve and rehabilitate the properties.

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