A skilled nursing owner/operator in Southern California turned to Pillar, a Guggenheim Partners affiliate, to arrange more than $35.6 million in HUD loans to refinance five facilities and some 403 beds. Pillar’s Joshua Hausfeld out of the company’s Bethesda office and Evan Hom of New York City, originated the five HUD loans, which refinanced existing HUD debt from 2011. Four of the loans came with fixed interest rates of 3.65% and fully amortizing 25-year terms: $5.5 million for a 75-bed facility in Spring Valley, $6.8 million for a 50-bed facility also in Spring Valley, $8.75 million for a 99-bed facility in San Diego, and $6.1 million for a 99-bed facility in Los Angeles. The fifth, an $8.5 million loan for an 80-bed facility in Palm Springs, featured a fixed interest rate of 3.45% and a fully amortizing 35-year term. With this refinance, the borrower was able to significantly lower annual interest payments, maximize their debt service savings and pay off existing debt.
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I am very proud of the work that is being done with the venue. I do know the principle manager of this firm and am proud of the work that he is doing to enhance properties for senior care. Good Luck in the future and I do hope that this company will continue to be successful. Renee Lease