(To read more on the debt and equity markets, click here.)
TOMS RIVER, NJ-The ownership of Magnolia Gardens Assisted Living Center has refinanced its debt load, in a $8-million non-recourse loan. The borrower's existing loan was $7.9 million with an 8%-interest rate.
With a new loan, the borrower was able to pay off debt, fund a $50,000 replacement reserve as well as $46,000 in repairs, obtain 35-year non-recourse financing. They also locked in in a lower 5.9%-interest rate. The loan, limited to 85% of the appraised value, totals 99% of the borrower's closing cost, and saves the borrower more than $150,000 a year.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
