HHC Finance Closes $81 Million HUD Loan in New York
CHEVY CHASE, MD, December 2015 - Housing & Healthcare Finance (HHC Finance), the leading HUD healthcare lender in the country, closed HUD's largest refinance of a single-asset skilled nursing facility loan: $80.7 million for The Riverside Premier Rehabilitation & Healing Center on Manhattan's Upper West Side.
The Section 232/223(f) HUD loan refinanced existing conventional bank debt at the 520-bed facility.
HHC Finance Director Erik Lindenauer said a member of the CareRite Centers network purchased the facility three years ago and significantly renovated it. "The facility is in a great neighborhood on Riverside Drive; a lot of the rooms have river views," he said.
Lindenauer said because of the large loan size HHC Finance had to seek approval from multiple levels at HUD including the Office of Risk Management and the Deputy Secretary. "I've never gone through a process like this before in terms of levels of approval", he said.
The 30-year fixed rate non-recourse loan has flexible prepayment conditions, Lindenauer said. "There is no lockout on it, they can immediately prepay."
The borrower received a rate in the mid-three percent range.
About Housing & Healthcare Finance, LLC
Founded in 2002, Housing & Healthcare Finance, LLC (HHC Finance) is the leading HUD healthcare lender in the U.S. with well over $1 billion in closed HUD loans the past 2 years. In addition to HUD healthcare and multifamily loans, HHC Finance provides line of credit and bridge financing. The Company’s expertise in the healthcare and multifamily markets allows it to provide loans that address all of its borrowers’ financing needs. The Company is headquartered in Chevy Chase, MD and has additional offices in New York, Pennsylvania, New Jersey, Ohio, Illinois, Wisconsin, and California. For more information, please visit www.hhcfinance.com or email firstname.lastname@example.org.