First Citizens Bank Provides $17.5M Financing For Norvin's Acquisition Of PAM Health Warm Springs Rehabilitation Hospital
11407 Wayland Way
$17,500,000
$452/SF
Building Size
38,667 SF
Asset Type
Hospital
Closing
Nov 15, 2023
About this deal
AI
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.
On the Map
$17,500,000
$452/SF
Hospital
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.91%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93