Press Release, March 2020
Entrepreneurial balance sheet lender offers fast, creative financing solutions for small- and mid-size senior assisted living facilities and other healthcare-related properties.
Newport Beach, California, (March xx, 2020) - Wilshire Finance Partners recently announced the launch of its Healthcare Finance Division, which is focused on delivering quality short-term bridge financing and permanent loans for small- and mid-size properties in the nation's senior living and healthcare sector.
"We'll be providing alternative and bridge financing to the small institutional marketplace, using our balance sheet to provide non-agency and non-bank financing for clients who need the flexibility and speed that a balance sheet lender provides," said Wilshire CEO, Don Pelgrim. In addition to offering permanent financing on stabilized properties through its strategic relationships, the new division will use the firm's balance sheet to fill a gap in the marketplace by targeting operators who need loans from one to ten million dollars for up to three years which may not currently meet agency or bank lending criteria.
Owners and operators of small- to mid-size seniors housing, independent living facilities, senior assisted living facilities and medical office buildings across the U.S. had already been turning to Wilshire for financial solutions tailored to their needs over the last several years.
The boutique lender recently closed a two-year, $2,631,000 bridge loan for a second-generation operator in Georgetown, Texas. Wilshire structured a cross-collateralized, cash-out refinance to permit the construction of 2 additional wings on each facility consisting of additional residence quarters, a beauty salon and recreational facilities. By combining the construction on both facilities, the sponsor was able to achieve significant cost savings through his general contractor.
When a consortium of experienced operators identified an older facility in Lodi, California with a terrific layout and potential for an increased memory care component with light modifications, they turned to Wilshire. Combining both new debt capital through Wilshire and capital through the borrower's syndicated equity, Wilshire structured a three-year $2,795,000 first mortgage facility which also funded reserves for capital improvements and operating expense deficits while the property was in transition.
The new division will build on the momentum of these and other closed loans to focus on the healthcare sector, providing loans in first and second lien positions participating debt and hybrid equity for acquisitions, refinancing, recapitalization, value-add opportunities, stabilization and other short term financing needs from coast to coast.
"We're excited about the launch of this new division and look forward to showing new clients what our team can get done for them. Because we're not an agency or bank, we are fast, creative, and are able to execute, which is what is needed in the small- to mid-size healthcare market," said Pelgrim.
About Wilshire Finance Partners
Since its formation in 2008, Wilshire Finance Partners has been engaged in the residential and commercial real estate lending and investment business. Building upon the success of its existing lending and investment platform, in September 2013 Wilshire launched and manages two real estate funds, the WFP Income Fund, LLC (the "Income Fund") and the WFP Opportunity Fund, LLC (the "Opportunity Fund").
More information can be found at wilshirefp.com.
Contact: Bradee Birkhimer, BBirkhimer@WilshireFP.com
TF. 866.575.5070 | P. 310.736.1370