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March 19, 2021

Eastern Union’s Healthcare Group secures funding for skilled-care facilities in US

Eastern Union's Healthcare Group has secured a bridge financing package of $57m for four skilled care facilities in the US.

Eastern Union’s Healthcare Group has secured a bridge financing package of $57m for four skilled care facilities in the US.

Of the total funding, $26m was for two senior-care facilities in Florida.

The first facility with 133 beds is located in Naples, Florida and provides skilled nursing and assisted living services, while the second senior-care was a 146-bed centre in Venice.

It provides assisted living, memory care, and skilled nursing services.

These two transactions were secured in collaboration with the President’s Team of Eastern Union which includes company president Ira Zlotowitz and capital markets specialist Michael Wyne.

The remaining $31m of the total transaction was used for the recapitalisation of two assets in Massachusetts.

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The first was a 123-bed skilled nursing facility in Salem and second, a 142-bed skilled nursing facility in Wilmington.

Healthcare Group of Eastern Union director Nachum Soroka said: “Because of their distinctive nature as an asset class, real estate transactions involving senior care facilities require specialised expertise.

“Owners around the country have been increasingly taking note of Eastern Union’s consistent ability to deliver competitive rates and terms.”

Eastern Union noted that the complete financing package was secured on a limited recourse basis at an 85% loan-to-value ratio and covers a three-year term.

Healthcare Group of Eastern Union senior vice-president Jacob Schonland said: “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.

“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.”

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