CROSS Development and Kennor Holdings have secured $38 million in financing for the construction of a 60-bed inpatient rehabilitation hospital in Bradenton, Fla.
The 60% loan-to-cost bank loan was structured at SOFR + 400, floating for two years followed by a three-year mini-perm at SPFR + 340 fixed. The 20% loan-to-cost PACE financing was structured at an 8.77% fixed rate with a 30-year amortization and three years of interest only.
Marcus & Millichap Capital Corp. a division of Marcus & Millichap, arranged the financing led by Dallas-based Senior Director Kevan McCormack.
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© 2024 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.
