HHC Finance Wraps Up HUD’s FY21
Housing & Health Finance (HHC Finance) is finishing up HUD’s fiscal year 2021 with a few transactions. First, the firm closed a $13 million refinance of an existing HUD loan for a 200+ bed skilled nursing facility in Illinois. In the transaction, HHC Finance substantially lowered the interest rate. HHC Finance also closed on a new $8 million HUD loan for a 90-bed skilled nursing facility in northern California. Lastly, the firm added to its tally of loan modifications for the year by lowering the interest rate on a $4 million loan for one of its clients. Read More »
HHC Finance Hard At Work
HHC Finance headed to the greater Los Angeles area to close its latest transaction, a $6 million HUD refinance of a 99-bed/38-unit skilled nursing facility. The loan features a fixed interest rate below 3.5% and a 30-year term, and it comes on the heels of a $32 million refinance, arranged by HHC Finance, of two senior care facilities located outside of New Orleans. Owned by the Archdiocese of New Orleans, the two properties have a total of 437 beds and 318 units of skilled nursing, assisted living and memory care services. Recently, a 30-unit post-acute rehab center was added, and the construction loan to fund it was taken out by the refinance. More renovations are planned to both... Read More »Trio of transactions
The Healthcare Lending group of Congressional Bank recently announced that it closed three separate transactions (with five loans) totaling $11.6 million, which all helped facilitate acquisitions for the borrowers. First, Congressional provided a $3 million bridge-to-HUD loan and a $1.5 million revolving line of credit, both with three year terms, to fund the purchase and ongoing capital needs of a 107-bed skilled nursing facility in New Bedford, Massachusetts. The buyer, a regional owner/operator, paid $3.21 million for the 40-year old facility, which was losing money and was 82% occupied. Second, Birchwood Health Care Properties received a $2.6 million bridge-to-HUD loan and a $500,000... Read More »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 »Schedule a demo
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