The not-for-profit senior care operator, Alliance Health & Human Services, secured both a permanent refinance of its 101-bed skilled nursing facility in Braintree, Massachusetts, and a more stable financial future to further its mission there. The $14.2 million HUD loan, arranged by Aaron Becker of Lancaster Pollard, is the sixth overall closed in the relationship. It refinanced existing debt and reimbursed Alliance for prior capital expenditures.
Alliance will now be able to file a Determination of Need with the state in order to invest another $3 million to renovate the facility. Under the program, the state would reimburse Alliance the renovation funds through a future increase in the Medicaid rate.