Paragon Mortgage Corp. Refinances California SNF
Phoenix, Arizona-based Paragon Mortgage Corp. arranged the refinance of a southern California skilled nursing facility. Located in North Hollywood within a three-mile radius of both Pacifica Hospital of the Valley and Kaiser Permanente Medical Center, the facility consists of 128 beds in a single story. It is affiliated with Kaiser Permanente and provides skilled nursing and rehabilitative services to both pediatric and adult patients, as well as respiratory therapy care, speech, occupational and physical therapy, and other services. The owner, Rancho Santa Fe, California-based Darbun Enterprises Inc., obtained a $16.3 million HUD loan to refinance the facility. The loan came with a... Read More »
M&T Realty Arranges HUD Loan
The HUD market seems to be the steadiest in the senior care lending world since the onset of COVID-19, after a few hiccups and delays earlier this year. Joining the activity, M&T Realty Capital Corporation arranged a HUD refinance for an assisted living community in Spokane, Washington. The non-recourse loan totaled $13.83 million and came with a 30-year, fully amortizing term. Plus, M&T secured an interest rate well below 2.75%. Who wouldn’t take that? Originally built in the 1940s with an addition in the early 1980s and renovations in the 2000s, the community features 212 units of independent living and assisted living in five interconnected buildings. Located adjacent to... Read More »
Lancaster Pollard Refinances Minnesota Community
Working on behalf of a repeat customer, Lancaster Pollard Mortgage Company secured a HUD loan for a 138-unit assisted living/memory care community in Chaska, Minnesota (Minneapolis MSA). Developed by Trident Development and operated by the borrower, Tealwood Senior Living, which manages over 38 skilled nursing and assisted living facilities in Minnesota and Wisconsin, the property was originally developed in 2015. It was funded in part by Tax Increment Financing from the Chaska Economic Development Authority. The property consists of two buildings connected by both a ground-level breezeway and upper level hallways. There are 66 assisted living “light” units that are certified for... Read More »
Monticello Arranges Working Capital Loan
The team at MONTICELLOAM, LLC (Monticello) followed up its refinance of a skilled nursing portfolio in Wisconsin with a working capital loan for the facilities’ operating companies. The original 10-year, first lien debt totaled $14.0 million and not only supported the refinance of two facilities but also the acquisition of the third skilled nursing/assisted living facility. Averaging around 42 years in age, the portfolio totals 305 beds and units. Now, on behalf of the experienced owner/operator borrower, Monticello structured a $2.0 million working capital loan. Read More »
All-Women Walker & Dunlop Team Closes Permanent Refinance
In a first for Walker & Dunlop, an all-female team comprising Senior Director Heather Olson, GSE Underwriter Emily Worcester, Transaction Manager Jessica Deeney and Senior Vice President & GSE Closing Manager Nancy Sexton handled the entire production side, underwriting and closing for a transaction. The deal was arranged for a to-be-built age-restricted, affordable housing community in Sarasota, Florida. Featuring 84 units, 42 of which will have long-term Section 8 contracts, the community will have three stories and amenities such as a business center, community room, picnic areas and laundry facilities. A joint venture between the Sarasota Housing Authority, Calston Advisors,... Read More »Schedule a demo
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