October 16, 2019, Ben Swett, SeniorCare Investor - Housing & Healthcare Finance (HHC Finance) had an impressive fiscal year for HUD LEAN closings, wrapping up 26 transactions that totaled $336.4 million in volume, good enough for fifth place in HUD's tables in both categories.
It got to that level with two last closings for skilled nursing clients. The first transaction saw the firm arrange $15.8 million for a 174-bed skilled nursing facility in Georgia. Originally built in the mid-1960s but thoroughly renovated over the years, the facility was occupied in the low- to mid-90s.
Then, HHC Finance went to Missouri to close a $4.7 million HUD loan for a 99-bed SNF. Also on the older side (having been built in the early 1980s), this facility was around 80% occupied, well above the state average of about 70%. Both loans came with rates under 3%, which surely made for some very happy borrowers.
On to the next fiscal year!