Brett Patrick, Managing Director at MidCap Financial Housing Capital, recently arranged $7.95 million in 35-year HUD financing on behalf of a skilled nursing facility in Sun City West, Arizona (Phoenix MSA). The loan took out existing bank debt on the facility, which was built in 1985. There are 137 beds in the one-story building, which breaks down to 68 semi-private units and one private unit. Occupancy stood at 84% (over the current national average of 81%, according to NICMAP), with a 60% Medicaid census.
