The HUD-insured financing for the property located at 371-475 Nine Mile Road is a ground-up construction loan that converts to a 40-year permanent, fixed-rate, non-recourse fully amortizing loan
after completion and stabilization.
CCP purchased the assets for approximately USD 190m and made a USD 20m five-year, fully amortizing loan
to SCC, resulting in a total transaction value of USD 210m.
Care Capital Properties Inc (NYSE:CCP) disclosed on Wednesday that it acquired eight skilled nursing facilities and one assisted living facility in Shreveport, Louisiana, for about USD190m and a USD20m five-year, fully amortizing loan
to Senior Care Centers LLC (SCC), resulting in a total transaction value of USD210m.
Therefore, any loan with an LTV greater than 60 percent could be insured by mortgage guaranty insurance down to 60 percent; however, a fully amortizing loan
with a term of fifteen years or less and an LTV greater than 80 percent could be insured by mortgage guaranty insurance down to 70 percent.
After taking financing requests to Newmark's correspondents, as well as direct lenders, Lincoln Financial Group, Philadelphia, had the lowest rate and met the borrower's preference for a 25-year, fully amortizing loan
, Berg said.
The "A" piece is a $4,961,376 30-year, fully amortizing loan
that carries a fixed-note rate of 6.18 percent.
The fully amortizing loan
has had stable performance since issuance, with year-end 2017 debt service coverage ratio reporting at 2.18x.
The loan terms included an interest-only construction period followed by a 40-year fully amortizing loan
, with a debt service coverage ratio of 1.15x.
Under the agreement, CCP acquired the assets for USD190m plus a USD20m five-year, fully amortizing loan
to SCC, resulting in a total transaction value of USD210m.
* A similar 30-year, fixed-rate, fully amortizing loan
Working on behalf of EPI Limited Partnership (headed by Ed Evans), HFF placed the 20-year, fixed-rate, fully amortizing loan
with Lincoln Financial Group in less than 30 days.
The 25-year, fully amortizing loan
is being financed at the rate of 7.95% and is insured by the Residential Mortgage Insurance Corporation (REMIC).