New York, N.Y. — Mississippi-based Right Care Holdings was in the market recently to refinance three skilled nursing facilities located in Tennessee. The company borrowed $9 million, or $45,700 per bed, in a loan placed by New York City based AFC Realty Capital with a local New York credit union. The five-year loan has an interest rate of 6.375%, a 25-year amortization, a minimum debt service coverage of 1.25x and a 75% loan-to-value. Right Care operates 21 senior care facilities, and we understand that the credit union would like to do more business in the senior care market, but only through AFC Realty.

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