Capital Funding Finances New Jersey Acquisition
Capital Funding, LLC financed the acquisition of a skilled nursing facility in New Jersey, and they expect the transaction to come full circle with a HUD refinance in a few years. That business has been good to them, as Capital Funding is coming off 33 transactions and nearly $395 million in volume in HUD’s most recent fiscal year. Craig Casagrande originated the $13.8 million bridge loan. Featuring 126 beds, the facility is operated by Preferred Care. Read More »
Lancaster Pollard Continues Its HUD Lean Activity
Fresh off a frankly unbelievable year in the HUD LEAN program, with over $903 million in closings across 78 transactions, Lancaster Pollard wasted no time in arranging a refinance for a pair of Oregon senior care facilities. Jason Dopoulos led the way on the transaction on behalf of the borrower, Sapphire Health Services. The $15.2 million loan is taking out debt that was originally used to acquire the facilities, both of which treat patients with specialized brain injuries across 67 total units. In addition to refinancing all outstanding debt, the loan will also allow Sapphire to invest in some facility repairs. Read More »
HHC Finance Wraps Up HUD Fiscal Year with Two Closings
Housing & Healthcare Finance (HHC Finance) had an impressive fiscal year for HUD LEAN closings, wrapping up 26 transactions that totaled $336.4 million in volume, good enough for fifth place in both categories. It got to that level with two last closings for skilled nursing clients. The first transaction saw the firm arrange $15.8 million for a 174-bed skilled nursing facility in Georgia. Originally built in the mid-1960s but thoroughly renovated over the years, the facility was occupied in the low- to mid-90s. Then, HHC Finance went to Missouri to close a $4.7 million HUD loan for a 99-bed SNF. Also on the older side (having been built in the early 1980s), this facility was around 80%... Read More »
HUD Lean Volume Hits an All-Time High
The HUD LEAN program had quite a fiscal year 2019, topping $3.7 billion in transaction volume across 288 transactions. The transaction number may be 1% down from the 292 closings in FY2018, but the dollar volume is up 3.6% to reach a record high for the program. HUD used to be the “lender of last resort,” but given the attractiveness of the debt (where else can you get a sub-3% rate for a 30+ year term?), it’s no wonder the program is growing like gangbusters. ORIX Real Estate Capital/Lancaster Pollard put their combined resources to work this year, closing an impressive $903.8 million in HUD closings, with 78 total transactions. That kind of dollar volume hasn’t been seen before, even... Read More »Schedule a demo
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