PGIM Real Estate successfully closed a scattered site refinance through HUD of a portfolio of assisted living communities in Maryland. Operated by Rose Hill Management, the three communities total 64 units, with one property in Annapolis featuring two 16-unit buildings (plus memory care services) and the communities in Pasadena and Odenton each featuring just one 16-unit building. Occupancy was around 90% across the 1990s-vintage portfolio.
To consolidate the debt across the three sites, Chris Fenton of PGIM led the way on securing a single $5.5 million HUD loan with a 35-year term.
