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First Citizens Bank Provides $17.5M Financing For Norvin's Acquisition Of PAM Health Warm Springs Rehabilitation Hospital
FINANCED
$17,500,000
Texas
See Similar DealsHospital38,667 SF
Financed 11/15/2023
FINANCED
First Citizens Bank Provides $17.5M Financing For Norvin's Acquisition Of PAM Health Warm Springs Rehabilitation Hospital
11407 Wayland Way
See Similar DealsHospital38,667 SF
Financed 11/15/2023
Summary
TEXAS
Asset Type:Hospital
Price Per Square Foot:$452
Total Square Footage:38,667 SF
Transaction Type:Loan
The acquisition of PAM Health Warm Springs Rehabilitation Hospital in Northeast San Antonio has been financed with a loan of $17.5 million provided by First Citizens Bank's Healthcare Finance, according to records. The 40-bed hospital, with a total area of 38,667 square feet, is part of Norvin Healthcare Properties' expanding healthcare real estate portfolio. The property, located at 11407 Wayland Way, was built in 2021.
Summary of transaction details
- Property Type: Hospital
- Transaction Amount: $17,500,000
- Market: San Antonio
- Number of Beds: 40
- Square Footage: 38,667
First Citizens Bank, represented by William Douglass and Steven Reedy, served as the lender for the acquisition loan. Norvin Healthcare Properties, led by Norman Livingston, acted as the landlord in the transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$17,500,000.00
Monthly NOI$116,666.67
Monthly Debt Service$110,611.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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