A $17.2 million loan was used to acquire the Healthcare Resort of Wichita, a 94-bed facility located 12 miles from downtown Wichita, Kansas, according to a story on PR Newswire.
Construction of the Healthcare Resort of Wichita was completed in 2016; the resort has 70 skilled nursing and 24 assisted living beds. Because the facility did not yet have its operating license, a process that was in progress, and there was a tight closing timeline, Mainstreet needed a lender able to navigate the complexity of the deal and still close quickly.
In looking for alternative and responsive financing sources, Mainstreet discovered AVANA Capital and closed on the acquisition within 35 days. Furthermore, AVANA was able to mitigate the lack of an operating license and allow the borrower the additional time (six (6) months) to secure the license.
The Healthcare Resort of Wichita will employ at least 90 people on a permanent basis. "One of our corporate missions is to create jobs and fulfill entrepreneurial dreams. We found in Mainstreet a partner that shares not only our way of thinking but, more importantly, our values," said Sanat Patel, Chief Sales Officer at AVANA Capital.
Read more on this new facility at PR Newswire.