LILLIBRIDGE GETS $250M REFI, PLUS $30M FROM PRU
By John Mugford
For many commercial property owners and developers – including those involved in healthcare real estate – the recession has put them in quite a financial pinch.
They face difficulties in refinancing mortgages when debt maturities come due, and in trying to raise capital to finance new projects and acquisitons.
It looks as if Chicago-based Lillibridge, however, will not have to deal with those types of problems and will have the financial wherewithal to continue to grow its portfolio.
CFO Joe Kurzydym recently told Healthcare Real Estate Insights that Lillibridge has completed a couple of key financial transactions that will allow the company to weather the current recession while better positioning it to make more acquisitions and enter more development deals.
First up was a refinancing of about $250 million of commercial mortgage debt, all of which was coming due for refinancing between February and the first quarter of 2010.
According Mr. Kurzydym, the company had a chance to refinance all of the debt at one time with a variety of lenders, and decided to move forward.
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