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Boston & New England  + Metro Boston  + Senior Housing  | 
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Eastern Union Closes $57M Bridge Loan for Skilled Nursing Portfolio

The Healthcare Group of commercial real estate finance firm Eastern Union has secured a $57 million bridge financing package for two skilled nursing facilities in Florida and two in Massachusetts. The four facilities carry an overall count of 544 beds.

The two senior-care facilities in Florida represented $26 million of the overall transaction. The $31-million balance of the overall transaction tied in the recapitalization of two assets in Massachusetts. The first was a 123-bed skilled nursing facility in Salem. The second was a 142-bed skilled nursing facility in Wilmington.

The overall financing package, covering a three-year term, was secured on a limited recourse basis at an 85-percent loan-to-value ratio. Payback is interest-only for the first 24 months. Interest was set at a competitive floating rate. The borrower was not disclosed.

“Eastern Union was able to get the lender comfortable with a high loan-to-value ratio and with the value-added nature of the deal,” said Jacob Schonland, senior vice president at Eastern Union’s Healthcare Group. “While a number of lenders are understandably acting more cautiously because of the pandemic, we were able to demonstrate that the sponsorship and business plan were both sound and investment-worthy.”


Inside The Story

Eastern Union’s Schonland

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.