Bostick Holdings, LLC

USDA B&I StrikeForce & SBA 7(a) Loan Success Story

 
 

Loan Details:

  • 1st Mortgage:
  • $15,000,000
  • Term: 25 year (SBA Loan)
  • Term: 30 year (USDA Loan)
  • Prepayment Penalty: 10 years
  • Jobs: 165

Purpose:

Thomas Financial Group with our partner bank, TNB, originated and underwrote this $15 Million combination USDA B&I StrikeForce and SBA 7(a) loan package to CorrectLife Bostick, LLC. These loans proceeds were used to refinance the existing construction loan and provide working capital for the business’ start-up operations.

CorrectLife Bostick will operate as the Bostick Nursing Center, a fully secured, 280-bed geriatric care facility providing nursing and immediate care services to medically fragile parolees and mental health patients that are currently held in state-funded facilities. This project will bring 330 jobs back to the Milledgeville, Baldwin County community.

History:

The borrower’s vision and execution of this geriatric care facility is a major advancement in criminal justice reform, a movement Georgia Governor, Nathan Deal has been highly supportive of. Governor Deal was fundamental in approving this redevelopment and repurpose of the Central State Hospital campus and Jill Stuckey, USDA Georgia State Director, was instrumental in passing the environmental clearances.

(Pictured from left to right are Trae Dorough, Executive Vice President, Touchmark National Bank, Dee Dee McIntyre, Vice President, Touchmark National Bank (not pictured), Sarah Hall, CPA, Vice President, TFG, Dr. Carlo Musso, President & CEO of CorrectLife Bostick, Jill Stuckey, USDA State Director of Georgia, Thomas Kimsey, CEO & President, TFG and Mike Thomas, Chairman, Thomas USAF Group)