Orlando, FL

$3,350,000

Assisted Living Facility

Refinance

02/29/2016
Transaction by
Wilshire Finance Partners
In February 2016, Wilshire Finance Partners funded a bridge loan for the refinance and return of equity for a seasoned assisted living facility operator in Central Florida. The previous private mortgage was maturing, and a quick refinance was needed along with additional cash out. Due to a growing demand in the area for senior care, the Borrowers needed additional funds to expand their 75-bed facility to take in new patients. This loan was very complicated with numerous borrowing entities and equity investors with laddered tiers of participation. Wilshire’s in-house legal team was able to work with this complicated ownership structure and funded the loan in just 15 days from the receipt of application. Within that time, Wilshire’s Senior Vice President made a trip from LA to Orlando to do a site visit and meet the Borrowers. The estimated value of the facility is $5,800,000 so the loan-to-value for our 1st trust deed loan is 58%. After completing the construction project and taking in new patients, the facility operator plans to refinance with a conventional loan within 2 years.