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A 96-unit assisted living community in Glen Cove, New York undergoing an expansion to add a dedicated memory care wing also refinanced with HUD at the same time. The community, built in 1992 and owned by the not-for-profit National Healthplex, Inc., sought to repay existing municipal bonds, as well as to fund the conversion/rehabilitation project. Josh Hausfeld of Pillar originated a $32.5 million HUD loan, with a 40-year term. The financing was more complicated than usual, with a ground lease on the project land, a payment in-lieu of taxes (PILOT) agreement, and the existing tax-exempt bonds issued by Glen Cove Industrial Development Agency. Following the expansion, the community will... Read More »Pillar of financing
A skilled nursing owner/operator in Southern California turned to Pillar, a Guggenheim Partners affiliate, to arrange more than $35.6 million in HUD loans to refinance five facilities and some 403 beds. Pillar’s Joshua Hausfeld out of the company’s Bethesda office and Evan Hom of New York City, originated the five HUD loans, which refinanced existing HUD debt from 2011. Four of the loans came with fixed interest rates of 3.65% and fully amortizing 25-year terms: $5.5 million for a 75-bed facility in Spring Valley, $6.8 million for a 50-bed facility also in Spring Valley, $8.75 million for a 99-bed facility in San Diego, and $6.1 million for a 99-bed facility in Los Angeles. The fifth, an... Read More »Schedule a demo
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