The team at Housing & Healthcare Finance (HHC Finance) reported a strong May, closed a couple of HUD loans and a number of rate modifications for senior care clients across the country. The two HUD loans totaled $31 million. A 108-unit assisted living community in Minnesota obtained the first.
Built in 1996, it boasted an occupancy rate in the mid-90s. HHC Finance arranged the second HUD loan for a 191-bed skilled nursing facility in California. Built in 1991, it was also occupied in the mid-90s. Both refinances took out higher rate bank debt.
HHC Finance didn’t stop there, taking advantage of near-record-low interest rates by closing five loan modifications through HUD at the end of May, totaling $50 million. The HHC Finance team handled these transactions for assisted living and skilled nursing facilities in Illinois, Minnesota, New Jersey, California and New Mexico.
The loan modification market has proven to be a rich vein of business for HHC Finance, with the firm closing $117 million of them in the last week of April for nine skilled nursing facilities in Illinois, Massachusetts and Pennsylvania. Check out the details on those transactions here.
