Capital One went back to a former client to close a HUD loan modification, taking advantage of the low-interest rate environment while they can (looking at you Mr. President-elect). A few years ago, the team at Capital One refinanced a portfolio of properties owned by Terrace Communities, which included a 15-year old, 71-unit assisted living/memory care community in Tequesta, Florida. However, because of a timing difference, that property closed with a higher interest rate than the rest of the portfolio. So Carolyn Whatley of Capital One went through HUD’s loan modification program to reduce the community’s interest rate. The non-recourse fixed-rate loan has over 32 years remaining on the original 35-year fully amortizing term.
No community left behind
