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.