Joshua Rosen of Capital One successfully refinanced a large supportive living facility in Des Plaines, Illinois (Chicago MSA). Originally built in 1967 as an independent/supportive living facility, its owners decided to upgrade the independent living portion to assisted living in 2015. They then built a 71-bed skilled nursing wing in 2018, adding to the existing 162 AL and 150 supportive living units.
The refinance wasn’t straightforward, as part of the property was in a floodway. But Mr. Rosen identified an opportunity to legally change the survey plat to carve out a floodway, enabling the refinance to continue. The borrower, a repeat Capital One customer, received a $28.4 million HUD loan with a 35-year term and maximum loan-to-value of 70%.