HHC Finance closes $133 million in HUD loan modifications
HHC Finance closed about $133 million in HUD loan modifications in March and another $80 million in April across 26 separate transactions, which resulted in significant overall interest rate reductions on the loans, all for skilled nursing facilities. With interest rates set to increase, some of the modifications would not have been feasible, but HHC was prepared and was able to close them. Since introducing the program just in January, that is a lot of business. Read More »Capital One arranges HUD loan
Capital One Multifamily Finance announced today that it provided a $10.9 million fixed-rate HUD loan for an experienced owner/operator of skilled nursing facilities to refinance its 133-bed facility in Northern Illinois. Joshua Rosen, out of Capital One’s Chicago office, originated the loan, which will refinance existing debt on the property at a lower, long-term rate. The facility was built in 1962, expanded in 1985, and substantially renovated between 2005 and 2012. Also, the current owners, who purchased the facility in 2012, renovated the residents’ rooms and bathrooms since taking over, so the facility is relatively modern. It is also well occupied and well positioned in its market.... Read More »Trifecta from CBRE
Aron Will of CBRE National Senior Housing arranged a trifecta of acquisition financings totaling approximately $50 million. All three loans were floating rate bridge loans with five-year terms and between 24 and 30 months of interest only. The first was a $14.5 million loan provided by a regional bank for Capitol Seniors Housing to acquire a brand new 92-unit assisted living/memory care community in Tampa, Florida. Next, Mr. Will secured a $21 million loan with an “all-in” interest rate of approximately 2.35% for a joint venture between Sentio Healthcare Properties and Senior Living Residences to purchase a 122-unit/141-bed rental CCRC in Westfield, Massachusetts. The loan was provided by... Read More »KeyBank provides $635 million Fannie Mae credit facility
KeyBank provoked some conversation at the recent NIC Conference after announcing that it would provide a $635.6 million Fannie Mae credit facility to subsidiaries of Senior Housing Realty Trust, a Maryland-based REIT owned by an affiliate of Senior Resource Group and its institutional partners. The facility came with a 10-year term (with 10 years of interest only) and a fixed rate, plus the option for releases, additions, substitutions and the capacity to expand with additional fixed or floating debt. KeyBank will also be able to provide flexible financing solutions ranging from balance sheet to permanent mortgage loans. The 12 properties that are being refinanced with this facility are... Read More »HHC Finance continues HUD lending
After it finished HUD’s FY2014 as the top HUD lender in the country, HHC Finance continued by facilitating HUD refinancing for a portfolio of three skilled nursing facilities in California, closing the three loans simultaneously. The borrower, an owner/operator of SNFs throughout the state of California, locked in 30-year fixed rates in the mid-3%s on each of the facilities, including a $27.5 million loan (for a 139-bed facility) and a $28.8 million loan (180 beds) for two facilities in Northern California. The third loan was $20.1 million for a 163-bed facility in Southern California. Across the facilities, all of which had a five-star rating, average occupancy was in the mid to low... Read More »Schedule a demo
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