NAI BLUESTONE REAL ESTATE CAPITAL SECURES $2.8M ACQUISITION LOAN FOR ASSISTED LIVING FACITILY IN PUNTA GORDA, FL
NAI Bluestone Real Estate Capital, a Philadelphia based real estate investment bank and advisory firm, has secured a $2.8M acquisition loan for Punta Gorda Elderly Care Center on behalf of Punta Gorda Acquisitions Associates, LLC, a subsidiary of Evergreen Realty Group. The National Bank of Southwest Florida was the lender in this transaction.
The Punta Gorda Elderly Care Center is a 56-unit, 22,271 square foot senior living community located in Punta Gorda, FL. Originally built in 1994 with 40 rooms, the facility was enlarged in 1998 with the addition of 16 more rooms on the north side of the building. The property is licensed for assisted living, limited nursing services and extended congregate care. The facility benefits from an excellent location, favorable demographic and market conditions as well as near full occupancy rates at 85% – 100%.
“We successfully secured the loan and met the tight year end closing deadline, despite several hurdles and the tightened credit market,” said Kristopher Wood, senior director, NAI Bluestone Real Estate Capital, who together with senior associate, Charlie Peterson arranged the financing for this transaction. Peterson added, “In order to find an appropriate lender, we reached out to our extensive internal network and contacted over 25 institutions to secure a winning offer for our client.”
“In this type of market securing any type of financing is not an easy task,” said Matthew McManus, chairman, NAI Bluestone Real Estate Capital. “This deal exemplifies the benefits of working with an experienced firm like NAI Bluestone as we are able to utilize our deep relationships with capital sources to meet the challenges of the current market.”
The terms included a three year fixed rate loan at 70% LTV with a floating rate prime of 1.5% and 25 year amortization at a rate of 7.75%.
Punta Gorda Acquisitions Associates, LLC is an affiliate of Evergreen Realty, a real estate firm with over 90 years of combined experience among its managing members. The Pasadena, CA based company has over 250 employees and their current portfolio consists of 74 properties in 21 states.
ABOUT NAI BLUESTONE REAL ESTATE CAPITAL
NAI Bluestone Real Estate Capital is a Philadelphia-based commercial real estate investment banking and advisory firm that secures innovative debt, mezzanine, equity and sponsor equity financing for the nation’s top-tier investors, operators, owners and developers. Leveraging its up to the minute market knowledge, credibility and relationships with highly regarded institutional financing sources, NAI Bluestone specializes in closing complex deals for sophisticated clients.
NAI Bluestone is part of NAI Global’s managed network, which includes over 5,000 professionals and 325 offices in 55 countries. NAI professionals complete over $45 billion in transactions annually.
