Healthcare W Minnesota

Minneapolis' Dougherty Mortgage closes $92.9 million loan mod for hospital association

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Minneapolis-based Dougherty Mortgage recently closed a $92.9 million loan modification for the Brighton Community Hospital Association in Brighton, Colo.

Minneapolis-based Dougherty Mortgage recently closed a $92.9 million loan modification for the Brighton Community Hospital Association in Brighton, Colo.

The association operates Platte Valley Medical Center, a 78-bed not-for-profit acute care hospital.

Andleeb Dawood, vice president with Dougherty Mortgage, arranged the transaction. The loan carries an interest rate of 2.98 percent and is fixed for the remaining term of 19 years.

The loan modification will generate enough of a cash flow to allow the hospital to fund technology advancements and new care strategies. The modification will reduce the hospital's debt service payments by just more than $500,000 each year, providing more than $9.5 million in cash-flow savings over the life of the loan.