SunTrust Bank Refinances Runk & Pratt Community

SunTrust Bank Refinances Runk & Pratt Community

by | Sep 27, 2019 8:28 am | Financings

Runk & Pratt, a family-owned operator of senior living communities in western Virginia, refinanced its 171-unit independent/assisted living community in Lynchburg with the help of SunTrust Bank. This isn’t the first transaction between the two. SunTrust had funded Runk & Pratt’s acquisition of the property in 2016 with a short-term bridge loan. Built in 2014, the community has been historically well occupied and generates strong cash flow. Taking out the acquisition debt, it received a $30.9 million Fannie Mae loan, with no recourse, a fixed rate for 10 years and a 30-year amortization schedule. Joshua Hausfeld handled the transaction for SunTrust. Just a year earlier, SunTrust... Read More »
SunTrust Secures HUD Loan For Lynchburg Senior Living Community

SunTrust Secures HUD Loan For Lynchburg Senior Living Community

by | Aug 24, 2018 7:00 am | Financings

Family-owned senior living operator Runk & Pratt secured a $13.2 million HUD loan to refinance its assisted living community in Lynchburg, Virginia. Thanks to a connection to the owners through David Wilt, market president of SunTrust Corporate & Commercial Banking in Roanoke, Virginia, Joshua Hausfeld of SunTrust CRE Seniors Housing & Healthcare Finance originated the loan, which came with a 35-year term and 35-year amortization schedule. The community was originally built 40 years ago but converted to assisted living in 1996 and now features 57 units and 81 beds, including some for memory care. It also underwent extensive renovations in 1998, 2003 and 2016, and has... Read More »