High-Quality SNF Refinances With Capital One
Joshua Rosen of Capital One followed up on his HUD refinance of a supportive living facility in Chicagoland last week with another permanent financing in the Old Northwest, this time for a 124-bed skilled nursing facility in Romeo, Michigan (Detroit MSA). Built in 2014, this facility is not your traditional SNF. It features a high proportion of private suites (although all rooms come with a full bathroom), large, modern therapy spaces catering to Medicare and Managed Care residents, plenty of common areas and a bistro. It was developed by a repeat Capital One client. To refinance existing bank debt as well as partnership debt, Capital One provided a $17.1 million HUD loan, with a 35-year... Read More »
Capital One Refinances Illinois Supportive Living Facility
Joshua Rosen of Capital One successfully refinanced a large supportive living facility in Des Plaines, Illinois (Chicago MSA). Originally built in 1967 as an independent/supportive living facility, its owners decided to upgrade the independent living portion to assisted living in 2015. They then built a 71-bed skilled nursing wing in 2018, adding to the existing 162 AL and 150 supportive living units. The refinance wasn’t straightforward, as part of the property was in a floodway. But Mr. Rosen identified an opportunity to legally change the survey plat to carve out a floodway, enabling the refinance to continue. The borrower, a repeat Capital One customer, received a $28.4 million HUD... Read More »
Capital One Refinances Massachusetts Skilled Nursing Portfolio
Just 18 months after they were purchased, three skilled nursing facilities in Massachusetts refinanced through HUD, with the help of Joshua Rosen of Capital One. The 2016 transaction involved these three facilities in Chelsea (195 beds), Fall River (152 beds) and Brockton (169 beds). There was a fourth facility involved in the sale that is not being refinanced in this transaction. Two principals who are experienced owner/operators of SNFs mainly in the Midwest ended up as the buyers, financing that deal with bank debt. Now, through Capital One, they received three fixed-rate loans, each with a 35-year term, totaling $47.2 million through HUD to refinance the portfolio. Read More »
Capital One Closes Holiday Transaction
Holiday Retirement recapitalized two of its seniors housing communities with a single $65 million adjustable-rate loan provided by Capital One. One community, with 241 independent living units, plus a separate wing with 12 assisted living units that is managed by Superior Home Care, is located in Cincinnati, Ohio. The other, with 159 IL and AL units was built in 1989. The loan amount comes to about $157,700 per unit. With this transaction (one of many between Holiday and Capital One over the years), Holiday will be able to add other assets to the loan in the future. Read More »Schedule a demo
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