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South Chicago Portfolio Loan
MIG arranged 80% LTC and a revolver for two underperforming IL seniors communities despite $1.4MM losses.
Overview
This repeat client engaged MIG’s debt team to run a competitive process to secure acquisition financing for two turnaround facilities in Illinois, totaling 51 skilled nursing beds, 79 sheltered care beds, and 26 assisted living units. The seller, a nonprofit organization, had significantly mismanaged the properties, resulting in losses that would deter most lenders.
Results
This was another highly competitive process led by MIG’s debt team. Despite consolidated losses of -$1.4MM over the most recent trailing twelve months, the team leveraged its strong regional lending relationships to secure an 80% LTC acquisition commitment, along with a revolving line of credit featuring aggressive advance rates.
Conclusion
This outcome underscores MIG’s deep credit expertise and ability to deliver creative financing solutions for complex turnaround opportunities that many debt brokerages would typically avoid.
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