American Street Capital (“ASC”) has secured $5.8 in permanent financing for a 121-bed skilled nursing facility in Sterling, Illinois. The loan was originated by Igor Zhizhin, the President of ASC.
Located in northwest Illinois, Sterling Healthcare is a 121-bed facility with an array of comprehensive services including short term rehabilitation, memory, post-surgical and long term care. The facility’s amenities include 24-hour nursing staff, a patient concierge, private rooms, on-site transportation and outdoor gardens.
The facility was being transitioned from owner-operated to third party leased with an acquisition option at a relatively high leverage for this small market. Combined with a request for partial recourse this made it a challenging request for most institutional lenders. Through its established balance sheet lender relationships, ASC was able to procure a competitively priced five-year loan at a 70 percent advance with partial recourse on a 25-year amortization schedule.