Housing & Healthcare Finance (HHC) is bringing on a new face to oversee its expansion efforts in the healthcare lending world, though this new addition is no stranger to healthcare finance. Keith Reuben, an industry veteran having been part of senior management at CapitalSource Inc. from 2001 to 2009, and then Executive Vice President of the Commercial and Specialty Finance Business at Capital One Bank from 2011 to 2015, has joined HHC as its CEO.
The lender clearly has its niche in providing HUD financing to senior care properties, closing 28 transactions for a total of $355.9 million in FY2016, including the agency’s largest loan of the year: an $80.7 million loan to refinance a 520-bed skilled nursing facility in New York. But in addition to its HUD strength, HHC is looking to expand its services.
That’s where the newly aligned senior management at HHC comes into play. With Mr. Reuben stepping in as CEO, Erik Lindenauer will serve as the firm’s Executive Chairman, and Richard Lerner will be Executive Vice Chairman. Both Lerner and Lindenauer will concentrate on expanding HHC’s new lines of business, which will include new lending platforms in addition to its current bridge loan program, and extending its services to other health care real estate sectors like surgery centers, mental health/psychiatric facilities, and other specialty and acute care hospitals. HHC will also look to grow its advisory business, after an already successful year that included advising Deutsche Bank on a $1.05 billion refinancing of a skilled nursing facility. Mr. Reuben should be able to use his experience as President of Specialty Finance Partners, a healthcare and commercial finance advisory firm that he co-founded. The triumvirate of Reuben, Lindenauer and Lerner will comprise HHC’s board.