Dwight Capital Acquires Love Funding
The HUD market seems to be the steadiest in the senior care lending world since the onset of COVID-19, after a few hiccups and delays earlier this year. Recently, there was a shake-up in the lending market, as Dwight Capital acquired Love Funding, the HUD lending subsidiary of Midland States Bank. Love Funding’s platform will be rebranded and integrated within Dwight Capital, while Midland States Bank will retain the existing Love Funding servicing portfolio. Read More »
Paragon Mortgage Corp. Refinances California SNF
Phoenix, Arizona-based Paragon Mortgage Corp. arranged the refinance of a southern California skilled nursing facility. Located in North Hollywood within a three-mile radius of both Pacifica Hospital of the Valley and Kaiser Permanente Medical Center, the facility consists of 128 beds in a single story. It is affiliated with Kaiser Permanente and provides skilled nursing and rehabilitative services to both pediatric and adult patients, as well as respiratory therapy care, speech, occupational and physical therapy, and other services. The owner, Rancho Santa Fe, California-based Darbun Enterprises Inc., obtained a $16.3 million HUD loan to refinance the facility. The loan came with a... Read More »
M&T Realty Arranges HUD Loan
The HUD market seems to be the steadiest in the senior care lending world since the onset of COVID-19, after a few hiccups and delays earlier this year. Joining the activity, M&T Realty Capital Corporation arranged a HUD refinance for an assisted living community in Spokane, Washington. The non-recourse loan totaled $13.83 million and came with a 30-year, fully amortizing term. Plus, M&T secured an interest rate well below 2.75%. Who wouldn’t take that? Originally built in the 1940s with an addition in the early 1980s and renovations in the 2000s, the community features 212 units of independent living and assisted living in five interconnected buildings. Located adjacent to... Read More »
Lancaster Pollard Refinances Minnesota Community
Working on behalf of a repeat customer, Lancaster Pollard Mortgage Company secured a HUD loan for a 138-unit assisted living/memory care community in Chaska, Minnesota (Minneapolis MSA). Developed by Trident Development and operated by the borrower, Tealwood Senior Living, which manages over 38 skilled nursing and assisted living facilities in Minnesota and Wisconsin, the property was originally developed in 2015. It was funded in part by Tax Increment Financing from the Chaska Economic Development Authority. The property consists of two buildings connected by both a ground-level breezeway and upper level hallways. There are 66 assisted living “light” units that are certified for... Read More »Schedule a demo
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