2017 HUD LEAN Rankings Are In
Total HUD LEAN loan volume hasn’t yet reached the heights of its FY2014, when the program closed over $4.2 billion in loans in 484 transactions, but it is getting there. In its FY2017, lenders closed just over $3.4 billion in 310 deals, up 20% from FY2016’s $2.84 billion volume (in 287 deals) and up 26% from FY2015’s $2.7 billion (in 291 deals). A total of 33 lenders closed at least one transaction, with Lancaster Pollard topping the list with 79 transactions. KeyBank came in second, with 33 loans, and Capital Funding was not far behind, closing 28 transactions. Housing & Healthcare Finance and First American Capital Group tied for fourth, each with 18 loans closed. Lancaster Pollard... Read More »Lancaster Pollard Lands Another HUD Loan
Lancaster Pollard didn’t rest on its laurels for long. After HUD announced that Lancaster Pollard beat out all other HUD LEAN lenders in both number of transactions (79) and loan volume (nearly $770 million), the firm closed another HUD loan on behalf of Premier Senior Living. A group of seven of its senior care facilities in the Southeast were previously financed with bonds from a national bank that were set to mature in the fall of 2017. So, Ross Holland and Jason Dopoulos of Lancaster Pollard arranged a $47.1 million loan to refinance the portfolio, which included orchestrating a master lease and debt allocation for four of the communities. The loan also funds replacement reserves for... Read More »
Greystone Refinances Queens Facilities
Greystone seems to have specialized in Queens financings, as the firm went back to the New York borough to close two more HUD loans for a couple of large skilled nursing facilities. This summer, Fred Levine, working out of the firm’s Monsey, New York office, arranged a $60 million HUD refinance for a 302-bed SNF and a $29 million HUD loan to refinance a 227-bed facility. He didn’t stop there, however, and originated nearly $55 million in HUD financing for two other SNFs. First, Mr. Levine originated a $21.92 million loan for a 298-bed facility that offers short-term rehab, long-term care, bariatric weight loss services (a specialized 90-day in-patient program with both counseling and... Read More »
Love Funding Lends a Hand
Love Funding and a family-owned care provider continued their successful partnership together, with Love helping the business refinance their assisted living community in Toms River, New Jersey. With 35 years of experience developing and operating senior care communities in New Jersey, the family has worked with Love for some 15 years. It opened its 79-unit Toms River community in 2002 and first refinanced it through HUD in 2006. Now, the community has refinanced again, with Love’s Laura Saull-Smith originating an $8.05 million loan that features a 35-year term and lower interest rate. Read More »Schedule a demo
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