SunLink is replacing its 35,000-sf Mountainside medical Center in Jasper, GA with a new, 68,000-sf facility that is 50% completed.
The financing also includes a 20-year mortgage loan with interest at prime plus 1% a year, or, at SunLink's option, interest at the five-year Treasury constant maturity yield plus 3.5%.
The mortgage loan interest rate is adjustable every five years. The construction loan may be converted to the 20-year mortgage loan three months after completion of construction, subject to certain unspecified conditions.
SunLink expects funding under the construction loan to begin during its third fiscal quarter, which ends on March 31, 2003. A hospital spokesman tells GlobeSt.com the facility will reach completion in April 2003. SunLink operates six community hospitals.
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