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Financing of the Week

Back in late 2010, Connecticut-based Athena Health Care Associates purchased five skilled nursing facilities in Massachusetts for $134,650 per bed, which we thought was quite high. Occupancy was 95%, but they were built, on average, about 40 years ago. They financed the acquisition with a $53 million bridge loan from TD Bank and $12 million in subordinated debt from Herbert J. Sims plus equity of $6.5 million.

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