EBSC Lending closed a $17.1 million senior bridge loan for the acquisition of a skilled nursing facility located in suburban Albuquerque, NM. The client, a seasoned owner and operator, required immediate execution due to an expiring purchase option. Funds will be used to improve the facility, the quality of care and its operating performance. The client plans to refinance EBSC Lending’s bridge loan with conventional financing within 12 months.
This is the second financing for the same company in 2023. In March, the client needed a $13.9 million bridge loan to facilitate a discounted payoff on its existing bank loan for a 160,000 square foot, single-story warehouse industrial property located in Macomb County, MI, which went into default due to the bankruptcy of a major customer in December 2022. In recent months, the company’s business stabilized and started to build a backlog of prospective clients. EBSC Lending funded the senior bridge loan simultaneously with a working capital facility from a bank, which allowed the company to expand its business and capitalize on a robust pipeline of new clients.