City National Provides Minority-Owned Las Vegas Residential Care Facility With $5.8 Million Loan
August 10, 2014
Borrower Using Funds to Refinance and Purchase New Equipment
LAS VEGAS, NV – City National Bank, Nevada’s Premier Private and Business Bank®, today announced that it has funded a business loan totaling $5.8 million to the Red Rock Residential Care Center located at 5875 West Twain Avenue in Las Vegas. Srinivasan and Saraah Ganti, owners of the facility, are paying off a loan from a competitor bank and refinancing the facility with a lower interest rate loan, along with using a portion of the financing to upgrade the facility with some new equipment.
Red Rock Residential Care Center is a 40,000 square foot assisted-living facility located near the corner of Twain Avenue and Jones Blvd., which has 52 units and 83 licensed beds. The facility provides fully furnished private and dual occupancy suites, which are all equipped with ADA safety approved bathrooms with wheelchair accessibility. The common areas of the facility include living room, library, activities and computer room with free Wifi access and a central dining area that provides three restaurant meals and three snacks coordinated by a registered dietician. Red Rock Residential Care Center is also a contract provider for the Department of Veteran’s Affairs.
“We are very excited to have City National Bank as our new banking partner,” said Srinivasan Ganti, co-owner of Red Rock Residential Care Center. “By securing a loan through City National we were able to save more than $10,000 a month on our monthly payments. We not only obtained the funds we needed to refinance our facility, we were also able to secure the money needed to purchase some new kitchen and computer equipment.”
City National offers a full array of Commercial Loan Products such as Construction, Business Equipment and Machinery, Tenant Improvement, Working Capital, SBA 504 and 7A, Unsecured Small Business Loans, and more. City National’s equipment leasing subsidiary, First American Equipment Finance, also offers a robust line of equipment leasing products and services.
“City National is very pleased to have Red Rock Residential Care Center as one of its newest clients,” said John Wilcox, Nevada regional executive for City National. “The Ganti’s have built up a very successful business in a growing and highly competitive industry. Healthcare is one of the industries City National specializes in with tailored products and services as well as certified healthcare bankers who know and understand this specialized industry.”
In 2013, occupancy rates for U.S. nursing homes and community care facilities were just under 90 percent, according to the National Investment Center (NIC) for the Seniors Housing and Care Industry. Demand for nursing home services is driven by the aging population, which varies from state-to-state. The U.S. population 65 and older is expected to increase by more than 50 percent or approximately 72 million people between 2015 and 2030. The average length of stay for residents of assisted living facilities is about 28 months.
The Ganti’s have owned and operated Red Rock Residential Care Center for the past 13 years. Prior to purchasing the Red Rock care facility, the Ganti’s owned an 88 bed assisted living center in Las Vegas that they bought in 1996 and owned until 2010. In addition to the residential assisted living area, the facility also has an integrated independently operated psychiatric care hospital. To learn more about Red Rock Residential Care Center, go to www.redrockcenter.net.
About City National
City National Corporation (NYSE: CYN) has $30.8 billion in assets. The company’s wholly owned subsidiary, City National Bank, provides banking, investment and trust services through 77 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. City National and its investment affiliates manage or administer $65.8 billion in client investment assets, including $47.1 billion under direct management.
For more information about City National, visit the company’s Website at cnb.com.