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KY SNF Loan
MIG arranged a $17MM bridge-to-HUD loan for a 70+ bed KY SNF, including a $3MM earnout and 3 years interest-only.
Overview
MIG was engaged by a repeat client to arrange a substantial cash-out refinance for a 70+ bed facility in Kentucky, primarily operating as a skilled nursing facility with additional personal care services. The client acquired the property approximately 18 months earlier for $7.8MM and was able to drive significant occupancy and cash flow improvements in a short period of time, resulting in meaningful trapped equity.
Results
This process, led by MIG, resulted in multiple term sheets from regional lenders and debt funds. The selected regional lender delivered bridge-to-HUD terms that were well ahead of where most of the debt market was comfortable, including a $17MM facility with a $3MM earnout, three years of interest-only payments, and a competitive floating rate and origination fee.
Conclusion
This transaction further demonstrates MIG’s strong relationships with specialized healthcare lenders who understand the nuances of skilled nursing, particularly the structure of bridge-to-HUD financing and strategies to maximize future HUD proceeds.
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