Loan Number: N2233
Loan Amount: $2,000,000
Minimum Investment: $25,000
Call for availability of smaller participations
Type: First Security Deed
Yield: 10.0%*

Important Links:
How to Invest in This Loan
Suitability Requirements
Offering Circular
Loan Servicing Agreement
Audited Financial Statement for B & S
Inventory of Available Loans
To Be Added to Our Investor Email List

PROPERTY

Project: DOCTOR'S HOSPICE OF GEORGIA
Property Address: 155 Greensboro Road, Eatonton, GA 31024
Description: The subject property consists of an 8,848SF hospice facility on a 3.93 acre parcel.

For an aerial view of this property...Click Here!
For a street view of this property...Click Here!

DOCTOR'S HOSPICE OF GEORGIA

George says, "There are deals that I describe as attractive hard money loans.  To me - no guarantees implied - this deal looks very close to bankable.  This loan looks head and shoulders less risky than our typical deal."

Blackburne & Sons is pleased to present this new first security deed secured by a newly constructed, 8,848SF hospice facility on a 3.93 acre parcel located in Eatonton, Georgia.

Eatonton is the county seat of Putnam County. The city is nestled in the heart of Georgia’s Lake Country, and located approximately 65 miles southeast of Atlanta, GA.  The small city is rich in history.  Dating back to the original incorporation in 1808, the city is named after William Eaton.  The area was highly impacted during the civil war after the destruction left behind.  The city and county had to rebuild what once was a thriving plantation community.  Through the development of dairy farming and other agricultural efforts, the community was able to re-build and captivate tourism with the creation of Lake Sinclair and Lake Oconee. 

The subject property is a newly built 8,848SF hospice facility on 3.93 acre lot.  The facility construction began in 2012, and was recently completed with exception of the asphalt paving of the parking lot and minor finish details.  This loan will go towards the completion of the facility, and will provide capital for another location currently under construction.

The operating company is an experienced hospice care facility, with 8 other locations operating throughout the state.  The personal guarantors are both doctors with a combined experience of over 33 years.  They have extensive experience with hospice facilities as medical directors of major national hospice companies such as Vista Care Hospice, Gentiva’s Healthfield Hospice, Portsbridge Hospice and Vitas Hospice.

The building contains twelve patient rooms, six patient restrooms, conference room, reception area, dining room, employee lounge and restroom, chapel, lobby, laundry room and storage rooms. Our borrowers have put a combined total of $1,500,000 into this property using company funds, as well as, personal funds.

Improvements include reinforced concrete foundation with EIFS stucco and synthetic stone over wood frame.  The single story structure is completed with composite shingle over wood truss roof and 12 HVAC units for controlled climate.  The interior walls and ceilings are comprised of painted sheetrock with carpet, linoleum and ceramic tile flooring.  Fluorescent lighting illuminates the patient rooms, with decorative chandeliers and wall mounted lighting in the common areas. 

Our borrowers are two married couples who will hold title through their corporation. The corporation tax returns for 2013 show an income of $280,350, after adding back depreciation and interest, and in 2012 the corporation reports an income of $331,742 after add backs. The corporation's 2013 tax returns were separated from another location which accounts for the reduced gross income in 2013.

Our personal guarantors are two married couples who have been in business together for the past 16 years. The first couple have mid-credit scores of 714 and 775 and report a net worth of $8,973,000. The husband is a PhD, while his wife is the CFO of the corporation. Their personal tax returns show an income in 2013 of $439,182, and in 2012 their taxes show an income of ($608,675) due to a net loss carryover.

The second couple have a mid-credit scores of 762 and 790 and report a net worth of $7,969,000. The husband is a board certified doctor, while the wife is a nurse for the corporation. This couple reports a 2013 income of $727,981 and in 2012 they reported an income of ($109,972). They came to Blackburne for a quick close in order to complete the subject property for the scheduled opening. The anticipated closing date is March 15th, so time is of the essence.

We accepted an appraisal with a prospective value at completion of $3,400,000, as of May 1, 2015. 

Blackburne & Sons Realty Capital Corporation--For more information, contact Angelica Gardner
4811 Chippendale Drive, Suite 101, Sacramento, CA 95841
Telephone: (916) 338-3232 * Fax: (916) 338-2328
Real Estate Broker -- California Bureau of Real Estate -- License Number 829677
Publicly advertised to California residents only under California Department of Business Oversight business plan permit.
Return to C-Loans Home Page | Return to Blackburne & Sons Home Page
Copyright © 2011 Blackburne & Sons Realty Capital Corporation. All rights reserved. (800) 606-3232