Thorofare Capital has funded $9,000,000 to refinance two skilled nursing facilities located in Los Angeles, California. The financing provided by Thorofare was also used to fund approximately $300,000 in planned capital improvements across both properties. The sponsor was seeking a fast-paced lender to pay off a matured term loan, then implement a renovation plan, and allow for ample time in order to refinance through HUD on a permanent loan program. Thorofare’s combination between providing a long enough loan term for the sponsor to executive its renovation plans, yet allowing for short-term yield maintenance in order for the sponsor to pre-pay the bridge loan when refinancing with HUD, was the one of the key characteristics in the type of financing the sponsor was seeking.

The first property is a 20,277 square foot nursing facility containing a total of 99 beds, located at on Pico Boulevard in Los Angeles. The property is located adjacent to Koreatown, the most densely populated district in the county, with close proximity to Interstate 10 and other major freeways as well as downtown Los Angeles. The property is proximate to medical facilities and transportation corridors, as well as churches, schools, shopping, banks, and restaurants. At the time of closing, the facility was 93.2% occupied and produced a debt yield of 13%+.

The second property is a 16,584 square foot nursing facility containing a total of 34 units and 81 beds, located on North Fairfax Avenue in Los Angeles. The property is proximate to medical facilities and transportation corridors. The subject is located in a shopping district. At the time of closing, the property was 95.1% occupied and produced a debt yield of 14%+.

The sponsor currently owns, operates, or manages 20+ healthcare centers throughout the state of California, offering complex medical care, rehabilitation, sub-acute care, skilled nursing, Alzheimer’s, long-term skilled nursing care, and Assisted Living centers, which service in excess of 1,700 patients and are staffed by more than 2,000 employees. The sponsor’s portfolio under management includes a total number of 1,900+ beds, which are at approximately 90% percent occupancy on average.