The Company is seeking vertical construction financing for a Class-A 50 bed, 59,750 sf in-patient rehabilitation hospital in CA. The Project will be situated on 4.23 acres adjacent to Interstate 5 in California. The subject site is already appropriately zoned and entitled. The Project will be 100% leased by the Company for 20 years on an absolute NNN basis.
The Sponsors are seeking a max leverage construction loan of $40,200,000 to construct the hospital and fund related closing and soft costs. Immediately upon construction completion, the Sponsors will seek either to refinance or the sell the Project. The Project has also qualified for a C-PACE loan up to $14,969,225 due to the energy efficient construction. The C-PACE loan combined with the Sponsor’s equity will complete the capitalization.
The Project will contain 50 beds and provide treatment for patients with a number of neurological injuries and diseases, such as Multiple Sclerosis, Parkinson’s, stroke, etc. The hospital will also provide care for individuals with amputations, arthritis, and orthopedic needs. The services provided by the new inpatient rehabilitation hospital will help address the post-acute care needs of the community and will also complement the services provided by the Company’s nearby long-term acute care hospital.
|Loan Term||28 yrs|
|Participation Availability Amount||$ 36,180,000|
|Minimum Participation Amount||$ 5,000,000|
|Original Loan Amount||$ 40,200,000|
|Full Loan Documentation||Link|