PGIM’s Seniors Housing and Healthcare Group was busy on the HUD front this month, closing three loans totaling more than $33 million for three senior care facilities. Christopher Fenton, Corley Audorff, Catherine Eby and Josh Williams originated the loans and all worked on the largest transaction, which was a $21.9 million loan for a 238-unit assisted living/skilled nursing campus in Connecticut. Utilizing HUD’s 232/223(a)(7) program, the not-for-profit owner was able to lower its current interest rate by 81 basis points, and the loan term was extended to 35 years.
Then, Messrs. Audorff and Williams funded a $10.9 million loan for a 141-unit senior care property in Oregon, which also reimbursed the borrower over $500,000 for capital improvements paid out of pocket. Finally, the same pair provided a HUD loan modification in the amount of $448,000 secured by a 73-bed skilled nursing facility in Massachusetts. The deal resulted in a 3.5% drop in the borrower’s interest rate.
Can someone please give me some contact information for HUD 232 loan originators in Louisiana. We are opening some adult residential care facilities in Baton Rouge. Thank you.
Willie, sorry for the delayed response. I don’t know specifically which 232 lenders operate in LA. But I can check.