CORRECTING and REPLACING XRL/ALC Closes $9.6 MM Bridge Transaction for Florida Rural Hospital
May 01 2024 - 1:44PM
Business Wire
Please replace the release issued April 22, 2024 with the
following corrected version due to multiple revisions to the 2nd
and 6th paragraphs.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240422077317/en/
Calhoun-Liberty Hospital Project
Rendering (Photo: Business Wire)
The updated release reads:
XRL/ALC CLOSES $9.6 MM BRIDGE TRANSACTION
FOR FLORIDA RURAL HOSPITAL
XRL ALC, LLC (XRA), an affiliate of X-Caliber Rural Capital that
provides funding solutions for projects located in micro-rural
areas, together with American Lending Center, jointly funded a
$9.6MM bridge loan for Calhoun-Liberty Hospital located in
Blountstown, Florida.
The hospital renovation and new construction is part of a $58MM
project that will bring new and improved medical services to the
Calhoun, Liberty, Jackson, and Gulf County residents who depend on
the facility’s healthcare services. The two-year, interest-only
loan is needed to bridge the gap until the hospital can access
approximately $30MM approved grants designated for the project. The
current facility provides emergency room, in-patient, laboratory,
radiology, as respiratory services and has a rural health
clinic.
“We are pleased to provide the financing for such a critical
community resource,” said X-Caliber Rural Capital Co-Founder,
Jordan Blanchard. “Our unique platform helps provide financing for
businesses who are unable get funding from traditional banks whose
products don’t address their needs. This is where we can provide
valuable support and efficient financing solutions all the while
stimulating economy growth and developing jobs.”
X-Caliber Rural Capital partnered with American Lending Center,
an impact investor that seeks to create jobs in rural
locations.
“Rural health care is very important, and the chance to help
ensure that modern, high-quality hospitals is central to our
mission,” said Scott Thompson, Vice President and Chief Lending
Officer at ALC. “Job creation is a primary goal for our EB-5
participation, and this project does that well. This really is a
win for all involved.”
The new hospital will be 39,500 sq. ft. and is projected to
create around 200 construction jobs. It is also projected to
develop nearly 25, new full-time roles and around 19 part-time
positions in the first two years. That will increase the current
157 positions that support the hospital to nearly 200.
The new construction is expected to be completed by the fall of
2025.
About XRL-ALC, LLC
XRL-ALC, LLC (XRA), is an affiliate of X-Caliber Rural Capital
and offers very effective capital solutions for projects located in
“micro-rural areas”. Micro-rural areas are generally described as
an area with a population less than 20,000 and not part of a
Metropolitan Statistical Area. Financing is available for a wide
variety of projects including, but not limited to, hospitality,
manufacturing, office, warehouse and logistics, flex, retail, mixed
use, multifamily, and public works project
Follow X-Caliber Rural Capital on LinkedIn.
About American Lending Center: A Financial Times (FT)
Americas’ Fastest Growing Company
American Lending Center (ALC) is a private non-bank lending
institution and nationally recognized leader in small business
lending. Between 2009 and 2020, ALC offered strategically
structured senior loan products to 80+ qualified SBA 504 projects
in 19 states, contributing to a combined construction and business
expansion budget of over one billion dollars. ALC’s lending
practice has successfully created more than 12,000 new jobs
nationwide. As one of only a handful of nonbank institutions
designated to provide immediate financial relief to struggling
small businesses, ALC provided PPP loans to nearly 30,000 small
businesses across all 50 states and Washington, DC.”
Follow American Lending Center on LinkedIn, Facebook, and
Twitter.
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version on businesswire.com: https://www.businesswire.com/news/home/20240422077317/en/
Bonnie Habyan 914.815.9806