Two HUD Loans From Lancaster Pollard

Lancaster Pollard announced two HUD refinances it closed on behalf of clients in Illinois and Oregon. First, Brett Murphy arranged an $11.2 million HUD loan for a 100-unit supportive living facility in McHenry, Illinois (Chicago MSA), which refinanced the original tax-exempt bond construction financing structured in 2007 and cut the ownership group’s debt cost of capital in half.

Then, Matt Lindsay and Casey Moore led the way on an $8.8 million HUD refinance of a 48-bed memory care community in Woodburn, Oregon. After successfully opening the community in 2014, ownership decided to refinance its senior and mezzanine construction debt into a non-recourse, 35-year fixed rate loan.

 

 

4 comments on “Two HUD Loans From Lancaster Pollard

    1. I have heard that the HUD program will probably offer the most favorable terms however, the approval process for new construction can be 6 months or longer in some cases. The approved programs follow HUD requirements that allow for up to 90% financing for soft and hard costs and 40 year amortization. Interest rates are fixed for term of the loan and are non-recourse. I can have someone I know from an approved HUD lender for 232 and 242 facilities call with more details if you want.

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