Dominion Mortgage Corporation Funds Challenging $14M take-out loan on a medical facility in Georgia.
Dominion Mortgage Corporation, the 40 year old, national real estate loan provider, has provided a $14,000,000 loan on a medical center property located within a Georgia resort community. The financing was used to reimburse the sponsor for the building costs spent on development of the facility, which replaced an older, outdated property.
Constructed in 2018, the 76,000 square foot critical access hospital/medical facility is occupied by an experienced, profitable healthcare center operator on a long-term lease. The existing tenant provided a lease guarantee to help advance the new bank-rate, permanent loan.
The new financing was originated by Dominion Mortgage’s Loren Thall. The loan has a fixed rate of 5.35% for 10 years with a 25-year amortization. There is a limited prepayment penalty on the loan, which was based on 60% of value.
“Healthcare facilities are a tough sector to make loans in, but with our 25 years of experience in healthcare lending, we understand hospitals and medical real estate financing,” noted Thall.
Some of Dominion Mortgage Corporation’s other loan fundings over the past year have included: a $5,600,000 first trust deed loan on a food processing plant in central California; a $13,000,000, 24-month bridge loan and debt recapitalization on a hotel in Oklahoma; an $8,500,000 bridge loan on multiple industrial properties on the San Francisco waterfront; and a $5,025,000 permanent loan on an international airport rental car facility in Florida.
ABOUT DOMINION MORTGAGE CORPORATION
Dominion Mortgage Corporation was established in 1977 by commercial real estate financing veteran Paul Horvitz and is a “nationwide” provider of real estate loans starting at $1,000,000 and ranging up to over $30,000,000. In addition to offering financing for single-tenant, owner-occupied and most other property types, Dominion has established a reputation for being able to finance properties that other lenders shy away from, such as healthcare facilities and other unique transactions. The company offers competitive rates on most commercial real estate types, including office, industrial, hospitality, multifamily and special-purpose properties. This includes healthcare real estate loans on medical office, clinics, hospitals and most long-term care facilities, such as independent living, assisted living and skilled nursing facilities.