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Dominion Healthcare Financial Corp Finances $5.2 Million of Debt in Unique Transaction on San Bern Medical Facility


LOS ANGELES, CALIF. (July 7, 2010) – Dominion Healthcare Financial Corporation and its parent company, Dominion Mortgage Corporation, announced the recent closing of a $5,200,000 debt refinancing and restructuring on an assisted living and dementia facility currently under construction in San Bernardino County. Dominion provided the funding for the unique transaction, which entailed restructuring the existing construction loan of $4,000,000 and providing additional mezzanine debt of $1,200,000.

Dominion Mortgage Corporation is a subsidiary of Dominion Corporation, a national commercial real estate banking firm headquartered in Los Angeles, California. Dominion Healthcare Financial Corporation, as well as another company, Dominion America Realty Advisors, are affiliated entities of Dominion Corporation.

The 84-unit facility is the first of this type for the developer, an Orange County-based private investor who had previously obtained $7 million in construction financing from another lender. Subsequently, funding of that loan was cut back to $4 million and then halted completely due to a number of issues including internal bank difficulties, improper construction billing problems and a bankruptcy by a partner in the initial borrowing entity.

To “rescue” the fractured construction loan and development project, Dominion replaced the prior general contractor with an established Los Angeles-based general contractor. They also retained professional management to oversee the operational component of the facility by hiring a Portland, Oregon-based management firm with extensive experience managing assisted living facilities. The company currently manages over 2,000 units.

The new $4 million construction loan was bank-funded and has an interest rate of 7.5%, while the $1.2 million mezzanine debt was funded by private investment money. The short-term financing does not have any pre-payment penalty nor does it require any impounds for taxes or insurance. Dominion Executive Vice President Keith Olson structured the complicated transaction.

“We were able to meet the client’s goal by bringing in missing pieces of the puzzle, thereby allowing the borrower to preserve cash needed for another investment elsewhere,” commented Olson. “The new structure also affords the borrower the flexibility to sell the property to a healthcare REIT when the right opportunity presents itself over the next few years.”
Once the development has received its certificate of occupancy, it is expected that it will be refinanced again with government guaranteed funds available through the Federal Housing Administration.


Dominion Corporation was established in 1977 by commercial real estate financing veteran Paul Horvitz. The company 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 opportunities on properties 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 about Dominion Corporation, go to:, and for information about Dominion Healthcare Financial Corporation’s healthcare real estate financing programs, go to: If you have additional questions or would like to schedule an interview, please contact:

Mr. Keith Olson
Dominion Corporation
11355 West Olympic Blvd., Suite 210
Los Angeles, CA 90064
Phone: (310) 477-3041 x133

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