Aaron Becker of Lancaster Pollard led the way in arranging an $11.9 million HUD refinance of a 54-bed skilled nursing facility in Pittsfield, Massachusetts. Owned and operated by long-standing Pittsfield-area not-for-profit organization, Berkshire Retirement Home, Inc., the facility was built in 2014 to replace Berkshire’s original SNF.
Conventional bank financing, with a floating interest rate, funded the construction, but ownership decided to refinance through HUD. Lancaster Pollard worked to obtain a firm commitment from HUD less than two weeks after formal submission, allowing the borrower to lock in the interest rate in December, before rates increased. We’re sure more than a few late nights paid off in this transaction.