Housing & Healthcare Finance (HHC Finance) has had a busy summer, closing three HUD refinances totaling $56 million, so far. All three loans were arranged for skilled nursing clients and featured interest rates substantially below 4%. Based on the rumblings (public or otherwise) from the Federal Reserve, it appears borrowers will have at least a couple more years of low-rate HUD debt as a financing option. Let the lenders rejoice!
The facilities being refinanced are located in Pennsylvania (181 beds), Massachusetts (55 beds) and New Jersey (313 beds) and are all over 35 years old.