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Healthcare Construction Finance Program Launches

LOS ANGELES-CapitalSource begins the program to help skilled-nursing providers upgrade their facilities.

By Carrie Rossenfeld | Updated on March 13, 2013

LOS ANGELES-Skilled-nursing facility owners and operators will now have a new financing option for upgrading their facilities since locally based commercial lender CapitalSource has launched a new healthcare construction finance program intended for just that purpose. The program is designed to provide funding for the replacement or substantial renovation of skilled-nursing facilities, which will allow them to be transformed, repositioned in local markets and better equipped to deliver quality care.

Under the new program, CapitalSource will provide loans to skilled-nursing owners and operators with market-based pricing depending on leverage and credit. The structure includes up to two years for the construction period with rollover to a four- to five-year mini-permanent loan. The loan-to-cost will be up to 75%, and terms will include a 25-year amortization schedule on the principal balance after the construction phase has ended.

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