$92M Acquisition of Multi-facility Skilled Nursing Homes in New Jersey and Pennsylvania
June 01, 2018
Represented lead lender, collateral and administrative agent in $92 million multi-facility acquisition with skilled nursing homes in New Jersey and Pennsylvania using unique structure of collateral whereby in addition to mortgages on PROPCO facilities, the unaffiliated OPCO collateralized its operating lease and all assets to PROPCO, which lease included financial covenants (including a minimum rent coverage ratio test). This lease was then assigned to the administrative agent among other collateral.