The team at Housing & Healthcare Finance has closed a couple of HUD financings totaling $57 million. There was a $34.1 million loan for a portfolio of five skilled nursing facilities located throughout Minnesota. The experienced borrower was able to replace conventional debt on the portfolio with a substantially higher interest rate. They came with 30- and 35-year terms. The loan amount came in at about $120,000 per bed/unit.
Built from 1958 to 2008, averaging 38 years old, the portfolio totals 464 total beds. Two of the facilities also feature assisted living units. Occupancies ranged from the low-80s to the high-90s.
Finally, HHC Finance closed a $22.8 million rate modification for another SNF client, lowering the interest rate and making for a happy client, we are sure.
