This was not another ordinary fiscal year for HUD ended September 30, but the LEAN program still ended with nearly $4.4 billion in closings. That follows more than $3.7 billion in closings in the fiscal year 2019, which itself represented a slight increase over 2018’s volume. To reach such a high under the current circumstances, with in-person property inspections virtually impossible for months and HUD employees adjusting to working at home like so many of us, took great flexibility and a lot of hard work to get done.
Greystone was head and shoulders atop the list this fiscal year, both in terms of transactions closed and in dollar volume. The firm closed 75 loans totaling more than $1.26 billion, representing 23% of the program’s closings and 29% of the dollar volume. In addition, Greystone closed the two largest loans of the fiscal year: a $135.6 million refinance of a 741-bed skilled nursing facility in New York and a $71.3 million loan for another 320-bed New York SNF. In fact, nursing facilities in New York, which tend to be large and sit on valuable real estate, commanded nine of the 12 largest loans in the program.
In terms of loans closed, Orix Real Estate Capital accounted for 57 transactions, good enough for second place. The company also had the second-highest dollar volume of $753.2 million. Capital Funding closed 36 deals, and rounding out the top-five were Housing & Healthcare Finance (28 deals) and KeyBank (25). Housing & Healthcare Finance took third place in dollar volume, with $452.4 million in closings, while Capital Funding ($392 million) and KeyBank ($358 million) took the next two spots. Berkadia and Walker & Dunlop also had impressive years in the HUD 232 program, with 19 and 18 transactions each, respectively.
