A $6 million loan will help a Pasadena, CA-based skilled nursing facility out, post litigation.
Private commercial lender iBorrow, based in Los Angeles, announced the loan, which it is providing to Golden Cross Health Care. According to a press release, the owner-operated, two-story skilled nursing facility was first built in 1965 and since remodeled, with an occupancy of 97%. The cash infusion will help the Pasadena SNF out of a bind after a lawsuit recently concluded, according to the announcement.
“The property is successful, with occupancy levels consistently above 95% since the borrower purchased it more than 20 years ago,” iBorrow CEO Brian Good said in a release. “The challenge for the borrower was to find a lender that could close quickly to refinance a loan, which matured at the end of March, with no extension. Also, due to a recently settled partner dispute, the borrower needed time post-litigation to season the property before approaching HUD [Housing and Urban Development] for a permanent take-out loan.”
Golden Cross, located in one of the oldest parts of Los Angeles, surrounded by residences and a local hospital and pharmacy, provides 24-hour licensed nursing care, and is certified for Medicare and Medi-Cal residents, according to the release.
