Clarendon Health System lists its two main properties and three nursing homes as collateral in a real estate mortgage dated August 12, records show, for a principal amount of $2,990,000, with an annual interest rate of 4 percent over a 40-year term.
The date of the final installment on the mortgage will be Aug. 12, 2054.
In late July, the system's Board of Trustees voted unanimously on a loan agreement with the U.S. Department of Agriculture's Rural Development to re-finance a $7.25 million 2011 Wells Fargo loan that has an outstanding balance of about $5.8 million. The hospital plans to issue $3 million in revenue bonds to cover the remainder in a long sought financial re-organization.
Referred to as the main campus, Clarendon Memorial Hospital at 10 Hospital St. lies on about seven acres and has a taxable value of $0, as records show exempt county government status.
Over a two week period 66 years ago, this property was conveyed to the Clarendon Hospital District in three transactions: On June 12, 1948, John K. Breedin sold land valued $5,670; on June 18, 1948, Edward F. McLeod sold land valued at $500; on June 25, 1948, J.D Mitchum sold land valued at $525.
The mortgage, with the U.S. Department of Agriculture, lists the main hospital campus as being 6.67 acres while county records show this parcel to be 7.14 acres.
The other main campus parcel, the Cypress Center at 50 Hospital St., lies on three acres and is owned by the Board of Trustees, records show. On Nov. 30, 1995, the state of South Carolina sold the property for $5 to Clarendon County and on July 1, 1997, the county sold it to the Board of Trustees for $5, a common amount in friendly or familial transactions.
The third parcel on the mortgage is Windsor Manor Nursing Home, which sits on 3.5 acres at 5538 Summerton Highway and also holds tax exempt status. Records show Windsor Manor Inc. sold this property on Sept. 30, 2005, for $2,790,697 to Clarendon Hospital District.
Lake Marion Nursing Facility at 1527 Urbana Road is the fourth parcel, and occupies 5.78 acres of tax exempt land. Lake Marion Nursing Facility sold this on Sept. 30, 2005 for $3,837,209 to Clarendon Hospital District.
Lake Moultrie Nursing Home, in the St. Stephen community in Berkeley County, is the last parcel listed on the mortgage, and has a current taxable value of $3,050,300, records show. This 4.82 acre property was also acquired on Sept. 30, 2005, and was conveyed to Clarendon Hospital District by Palmetto Properties Inc. of Berkeley County and St. Stephen Nursing Facility Inc.
Chief Executive Officer Richard Stokes said a $2.9 million USDA bond was issued Tuesday in conjunction with the mortgage being signed, and the bond is attached to the properties.
