The acquisition is being financed with a $13.6-million loan. The loan to value is 85%, making the acquisition cost approximately $16 million. Cambridge provided the financing for the acquisition. The term of the loan is 35 years, Davis says. The interest rate was not disclosed.
The facility has a total of 224 beds with 111 intermediate-care beds and 113 board and care units. The building was constructed in the 1970s, Davis says. The new owners are not expected to be doing any major renovations to the building, he says. Cambridge had previously provided financing to the prior owners of the nursing center. "We knew the building. It performs very well," he says.
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