Ocean Bank Provides $6M Refinance Loan For Palm Beach Gardens Nursing Home
FINANCED
$6,000,000
Florida
See Similar DealsNursing Home25,000 SF
Financed 03/10/2023
FINANCED
Ocean Bank Provides $6M Refinance Loan For Palm Beach Gardens Nursing Home
4201 Leo Lane, Palm Beach Gardens, FL
See Similar DealsNursing Home25,000 SF
Financed 03/10/2023
Summary
FLORIDA
Asset Type:Nursing Home
Price Per Square Foot:$240
Total Square Footage:25,000 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$6,000,000.00
Monthly NOI$40,000.00
Monthly Debt Service$37,924.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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