Refinancing a complicated capital stack, PGIM Real Estate Finance secured a $10.7 million HUD loan for a 112-bed skilled nursing facility in New Orleans, Louisiana. The facility was built by the not-for-profit St. Margaret’s Foundation in 2013 on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. Its $33 million construction was initially funded using New Market Tax Credits, Historic Tax Credits, OCD Loan Funds, FEMA grant money, a bank loan and sponsor equity. PGIM simplified things and significantly reduced the amount of debt with the HUD loan.
Located within five miles of seven acute-care hospitals, the facility features 100 units in six resident wings, each with its own dining room, kitchen, personal laundry room and shower/tub room. It also has a residential care unit with advanced computer and sensory technology systems to help residents with ALS.
