KC Peterson of PM Advisors secured a HUD refinance of a 60-bed skilled nursing facility in Evanston, Wyoming. The refinance, which totaled just under $4 million, was completed through Bedford Lending, a direct HUD lender. Prior to entering the 232 program, the facility had completed necessary capital improvements including adding a large multiday generator.
PM Advisors refinanced the entirety of the existing loans and capital improvement debts. The project is the first and only UPL project in Wyoming, with North Big Horn Hospital District as the sublessee operator. HUD has previously approved this legal structure with Indiana, Utah and Texas (with its QIPP program) hospital operators on new HUD-insured loans and SNF changes of operator. The hospital operator maintains separate financial accounting and reporting for the project, which satisfies HUD’s requirement for separate facility reporting. A robust risk management program is also in place with real-time analytical tools.
