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7/13/18
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West Los Angeles-based Dominion Mortgage Corporation has provided a $14 mil loan on a medical center property located within a Georgia resort community. The financing was used to reimburse the sponsor for the building costs spent on development of the facility, which replaced an older, outdated property.
Constructed in 2018, the 76k sf critical access hospital/medical facility is occupied by an experienced, profitable healthcare center operator on a long-term lease. The existing tenant provided a lease guarantee to help advance the new bank-rate, permanent loan.
The new financing was originated by Dominion Mortgage’s Loren Thall. The loan has a fixed rate of 5.35% for 10 years with a 25-year amortization. There is a limited prepayment penalty on the loan, which was based on 60% of value.
"Healthcare facilities are a tough sector to make loans in, but with our 25 years of experience in healthcare lending, we understand hospitals and medical real estate financing," noted Thall.
Some of Dominion Mortgage Corporation’s other loan fundings over the past year have included: a $5.6 mil first trust deed loan on a food processing plant in central California; a $13 mil, 24-month bridge loan and debt recapitalization on a hotel in Oklahoma; an $8.5 mil bridge loan on multiple industrial properties on the San Francisco waterfront; and a $5 mil permanent loan on an international airport rental car facility in Florida.
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