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December 18, 2018
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PRESS RELEASES
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Dominion Healthcare Corporation Closes Complicated $14 Mil Financing on Portfolio of Skilled Nursing Facilities

3/01/10

LOS ANGELES, CALIF. -- Dominion Healthcare Financial Corporation, a subsidiary of Dominion Corporation, a national commercial real estate banking firm headquartered in Los Angeles, California, closed a complicated $14,125,000 loan transaction on a portfolio of five skilled nursing facilities in California.

Dominion Corporation Vice President Loren Thall structured a capital stack that consists of both senior and subordinated debt, of which $10.125 million is secured by the real estate. The remaining $4 million is secured by the accounts receivables of the skilled nursing homes. Thall was able to arrange a competitive rate on a five-year loan with a 25-year amortization. The financing is based on a debt coverage ratio of 1.35 and it maintained an LTV below 70%.

“This was the second time we have worked with this borrower, who was very professional and responsive throughout the process,” Thall pointed out. “This helped when coordinating the various and complicated ownership structures and other components of the transaction. It is gratifying to know that in this challenging economy and time of scarce capital we can still be effective in meeting the needs of the borrowers.”

The financing provided significant challenges for the Dominion Corporation team because it needed to creatively structure the debt to allow for some of the equity partners’ ownership interests to be phased out, while also completing a lease-purchase option and providing the borrower, an owner/operator of healthcare properties, funds for working capital. Additionally, Dominion Corporation eliminated the prepayment penalty of 1% after year one of the five-year loan term.

The subject properties contain a total of 235 beds and are located in San Francisco, Oakland, San Leandro and Culver City. All of the properties were originally constructed in the 1960s and 1970s and have since been renovated. The facilities offer skilled care as well as acute care services and are also Medicaid and/or Medicare providers.

ABOUT DOMINION CORPORATION:

Dominion Corporation was established in 1977 by commercial real estate financing veteran Paul Horvitz and is a “nationwide” provider of real estate loans starting at $1,000,000 and ranging up to over $20,000,000. In addition to offering financing for single-tenant, owner-occupied and most other property types, Dominion has established a reputation for being able to finance properties that other lenders shy away from, such as healthcare facilities and other unique transactions. The company offers competitive rates on most commercial real estate types, including office, industrial, hospitality, multifamily and special-purpose properties. This includes healthcare real estate loans on medical office, clinics, hospitals and most long-term care facilities, such as independent living, assisted living and skilled nursing facilities.

Additionally, Dominion, through its affiliated entity, Dominion America Realty Advisors, is seeking transactions where there is an existing loan that has matured or will mature. Dominion has 37 years of expertise in negotiating with existing lenders and is a member of the Mortgage Bankers Association of America and National Investment Center.

For more information, go to: http://www.dominfin.com. If you have additional questions or would like to schedule an interview, please contact:

Loren Thall
Dominion Corporation
11355 West Olympic Blvd., Suite 210
Los Angeles, CA 90064
Phone: (310) 477-3041 x127
Email: thall@dominfin.com




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