Cambridge Secures HUD Refinancing Loan
Cambridge Realty Capital provided a $2.1 million HUD loan to refinance Wells Point Lodge, a 60-bed seniors housing community in the northern Austin suburb of Pflugerville, Texas. Anthony Marino of Cambridge originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company. Cambridge also utilized the early rate lock program, which allowed the owner to avoid the recent run-up in interest rates. Read More »
CFG Handles Another HUD Refinance
Capital Funding Group closed a $7.2 million HUD loan to refinance a 162-bed skilled nursing facility in Kentucky. CFG had executed the original bridge loan, which allowed the nationally recognized borrower to acquire the facility’s real estate. Since that acquisition, the facility has stabilized and the time came for a permanent HUD takeout. The refinancing closed on November 8, 2023. Capital Funding Group Director of Long-Term Care Patrick McGovern originated the transaction for the company. The financing followed CFG’s recent closing of a $10.9 million HUD loan which supported the refinancing of a 112-bed skilled nursing facility in Arizona. Read More »
BWE Secures Three RAD for PRAC Loans
BWE secured $15.25 million in permanent loans to finance two affordable seniors housing communities and one affordable multifamily community. Jon Killough and Tony Love of BWE originated the loans for Sweetwater Point, La Vista de Lopez and AHEPA 310. Killough and Love used HUD’s RAD for PRAC initiative, a new tool designed to preserve existing Section 202 housing as well as create new Section 8 housing across the country. Traditionally, Section 202 PRAC rental assistance could only be used for operating expenses, not debt servicing. The RAD for PRAC process allows borrowers to convert PRAC subsidies to project-based Section 8 contracts, which boosts the rental subsidy to a level... Read More »
Financing Secured for a Not-For-Profit Affordable Seniors Housing Community
Rockabill, a leading development partner and consultant to not-for-profit owners of affordable, support, and transitional housing, and the national commercial and multifamily mortgage banking company BWE, announced a refinancing of an affordable seniors housing community in Yonkers, New York. Monastery Manor comprises 147 one-bedroom units that are reserved for persons 62 years and older who earn no more than 50% of area median income. Residents contribute no more than 30% of their adjusted annual income toward rent. Financing for the project included a $16.9 million Fannie Mae loan and an extension of the property’s existing PILOT agreement with the Yonkers Industrial Development... Read More »
CFG Arranges Refinancing for an Arizona SNF
Capital Funding Group announced the closing of a $10.9 million HUD loan on behalf of a nationally recognized borrower. The loan supported the refinancing of an existing bridge loan, executed by CFG, into a HUD loan. The refinancing was secured by a 112-bed skilled nursing facility in Arizona. Tommy Dillon of CFG originated the transaction. This financing follows the company’s recent announcement of $22.4 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities in Georgia secured by 338 beds. Read More »Schedule a demo
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