New Closed Bridge Loan $2,795.000 (Split Note)
Purchase
Hybrid/Spit Facility
| Loan Type: Bridge Loan | Loan Amount: $2,795.000 First Mortgage
$860,000 Second Mortgage (Participating) |
| Loan Term: 2 Year | Loan to Value: 59% |
| 85% CLTV |
Largo, Florida
An experienced operator and repeat borrower identified a family-run senior assisted living facility that was not maximizing its full potential. Based on the square footage and existing approvals, the new operator would be able to increase the bed count and cash flow using existing regulatory approvals. Further, additional value would be created through a minor zoning change to the facility’s parking. In a transaction that was more efficient than syndicated equity, Wilshire delivered 85% of the capital stack consisting of first mortgage of $2,795,000 and a participating second mortgage of $860,000. The benefits to the sponsor under this facility included an efficient, single source of capital and lower cost capital as compared to preferred equity.
Why Wilshire?
- Nationwide Direct Portfolio Lender, with two Real Estate Debt Funds.
- Entrepreneurial Approach, Institutional Sophistication and Discretionary Capital.
- Fast, Easy, Flexible Financing Solutions