Oak Grove Capital arranges loan for N.C. facility

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Oak Grove Capital has arranged for an $8.9 million bridge loan to facilitate the acquisition of Hugh Chatham Nursing Center, a 127-bed skilled nursing and assisted living facility in Elkin, NC, the company announced.

The borrower, an affiliate of Cary-based Century Care Management, plans on capital improvements and on an upcoming business plan to improve property performance. Oak Grove Capital “structured the debt using an outside financing source to ensure the borrower's specific goals and objectives were met. Upon stabilization at the new operating levels, the borrower will seek to refinance the bridge loan through an FHA/HUD 232/223(f) permanent loan provided by Oak Grove Capital,” the firm said.
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