Summer vacation didn’t start at Housing & Healthcare Finance (HHC Finance), we suppose, as the firm closed seven HUD loans totaling $119 million in the month of June. The largest deal was a $61 million refinance of a 360-bed skilled nursing facility in New York. Built in the early-1970s but recently renovated, the facility was occupied in the mid-90s. HHC Finance followed that up with a $22 million HUD refinance of a 120-bed skilled nursing facility in Florida that was built in 2015 and occupied in the high-80s. Both loans were closed with interest rates in the mid-2s. That makes for some happy long-term clients.
HHC Finance rounded out its June activity with five HUD loan modifications that totaled around $36 million. Skilled nursing facilities in Rhode Island, Virginia and New Mexico were the beneficiaries of those transactions.
