sims provides bridge loan to fund a nursing home acquisition - closes in 17 days

In August 2005, Sims provided a Bridge Loan to fund the acquisition of Heritage Nursing Home in Athens, PA by Bruce Boyer. Mr. Boyer is the owner, and through his management company, Sloane Management, operates several senior living properties in the Maryland and Pennsylvania markets. The Sims Bridge Loan allowed Mr. Boyer to move quickly to take advantage of an attractive acquisition opportunity of a nursing home in Pennsylvania. The nursing home is advantageously located near the New York State border, which enables it to attract New York residents, who bring with them higher Medicaid reimbursement rates than the facility’s Pennsylvania residents.

Sims executed a commitment letter with Mr. Boyer on Friday, July 15th and funded the Bridge Loan on Monday, August 1st, demonstrating the kind of efficient underwriting and execution that Sims can provide. The Sims banking team coordinated with its affiliate, Sims Mortgage Funding, to arrange a HUD loan as a take-out for the Bridge Loan. Sims Mortgage Funding verified that the facility and the Bridge Loan fit within HUD’s parameters and qualified for the next round of financing.

Regarding Sims’ execution, Bob Gibbs, Mr. Boyer’s financial consultant on the transaction, writes, “On behalf of Bruce and myself, I would like to thank you for the sensational work done on the Heritage/Athens nursing facility. The coordination between Sims, the attorneys, and the professionals representing the transaction was superior.”

With the closing of the Bridge Loan, Sims has added another product to its offerings for the senior living sector. For corporations interested in buying or selling facilities, Sims’ bridge loan product facilitates faster closings.