Lakewood, NJ Meridian Capital Group arranged $14.9 million in construction financing for the development of an office property on behalf of LTC Consulting.
The 18-month loan, provided by a national bank, features a floating rate of 1% over the prime rate with interest-only payments for the full term and converts to a 10-year permanent loan with a 25-year amortization schedule and a $1.4 million business credit line. This transaction was negotiated by Meridian vice president, Paul Gilbert.
The property, located at 100 Blvd. of the Americas, will total 60,000 s/f of office space and will become the headquarters for LTC Consulting.
LTC was founded over a decade ago as a comprehensive medical billing and business management solution for skilled nursing facilities. The company has now become the fasting growing healthcare consulting firm in the nation. With over 200 full-time and onsite employees, LTC is contracted with skilled nursing facilities nationwide to assist on a wide range of issues from collections of outstanding receivables and full accounts receivable representation, to constant and completing aging analysis for all business needs.
“By working with the bank to understand the sponsor’s business model and specific funding needs, the lender was able to get comfortable with the transaction and provide our client with the best possible loan terms including 90% financing,” said Gilbert. Source
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