Excerpted from ASC Review story.
Franklin Street refinanced Tampa, Fla.-based Citrus Park Surgery Center to help the current note holder avoid potential foreclosure, according to a Franklin Street announcement.
Here are five notes.
1. Franklin Street found a new lending partner and negotiated the take-out of the in-place debt.
2. Bridge Lender will be the lender, with a loan amount of $3,200,000. The rate is 12 percent and the term is five years.
3. The transaction will allow the client to focus on the operating business, improve cash flows and refinance into permanent financing in the future, according to Franklin Street.
4. Franklin Street searched for a debt solution for more than a year.
5. Nucci Medical’s Citrus Park Surgery Center is a multispecialty ASC with two operating rooms and a six-bed recovery room.
“Due to challenging nature of the financing request, this asset required a unique lending partner that could get comfortable with a difficult situation. Through focused persistence, FSCA was able to place this debt with a non-traditional local lending partner who understood the story and the borrower’s objective,” Franklin Street said.