Ocean Bank Provides $6M Refinance Loan For Palm Beach Gardens Nursing Home

A nursing home located at 4201 Leo Lane in Palm Beach Gardens, FL has recently undergone a refinancing transaction. The property spans approximately 25,000 square feet and is owned by Scott Herring.

Summary of transaction details:

• Property Type: Nursing Home
• Transaction Amount: $6,000,000
• Market: Palm Beach Gardens, FL
• Lender: Ocean Bank
• Landlord: Scott Herring
• Broker: Matt Weilgus – Mag Mile Capital
• Loan Type: Refinance
• Loan Terms: Bank Refinance, 5-Year Fixed Rate, 65% LTV, 1-Year Interest-Only

The refinancing deal was facilitated by Matt Weilgus from Mag Mile Capital, acting as the representative for Scott Herring. Ocean Bank provided a loan amount of $6,000,000 to refinance the nursing home. The loan terms include a 5-year fixed rate and a 65% loan-to-value ratio. The initial one-year period will feature interest-only payments.