A skilled nursing facility in Oak Brook, Illinois (Chicago MSA) that has undergone several changes in recent years refinanced its debt with Capital One. Built in stages from 1971 to 1989, with a therapy gym constructed in 2007, the facility is currently owned by a private owner/operator with other properties in the state. A number of semi-private units were recently converted to privates in order to attract Medicare and private pay patients, and as a result, the facility currently operates at 114 beds, despite being licensed for 156 beds.
To refinance its debt, as well as fund project-related costs, capital expenditures and working capital related to lease-up and stabilization, the owner turned to Joshua Rosen of Capital One to originate a $7.2 million fixed-rate HUD loan, with a 35-year term.
