HHC Finance Closes $34 Million HUD Loan for Portfolio of Skilled Nursing Facilities in Minnesota
North Bethesda, MD, March 2020 - Housing & Healthcare Finance (HHC Finance), a leading HUD healthcare and multifamily lender, recently announced the closing of a $34 million HUD portfolio loan for 5 skilled nursing facilities in Minnesota.
The experienced borrower was able to replace conventional debt on the portfolio with a substantially higher interest rate. They came with 30- and 35-year terms. The loan amount came in at about $120,000 per bed/unit.
Built from 1958 to 2008, averaging 38 years old, the portfolio totals 464 total beds. Two of the facilities also feature assisted living units. Occupancies ranged from the low-80s to the high-90s.
About Housing & Healthcare Finance, LLC
Founded in 2002, Housing & Healthcare Finance, LLC (HHC Finance) is a commercial finance company headquartered in the Washington, DC area with additional offices throughout the country. HHC Finance provides expert commercial lending solutions to healthcare, multifamily, and senior housing companies nationwide.
In addition to being a leading HUD lender, we provide bridge loans, revolving lines of credit, and mezzanine financing through our Capital Advisory Group (CAG) which is led by Isaac Haas and Neil Gamss. Our industry expertise and rapid execution capabilities allow us to deliver innovative, flexible, and timely financings to our clients.