January 8, 2020, Ben Swett, SeniorCare Investor - Housing & Healthcare Finance finished 2019 with a bang, closing four HUD LEAN loans worth over $62 million. The refinancings included 2 skilled nursing facilities in Maryland, 1 in Pennsylvania, and 1 in Arkansas, all totaling 597 beds.
The Mid-Atlantic facilities were built in the mid-1970s, while the Arkansas one opened in the early 2000s. The non-recourse loans, which refinanced higher rate conventional debt, came with interest rates in the low- to mid-3s and terms between 30 and 35 years.
Housing & Healthcare Finance’s Capital Advisory Group, led by Isaac Haas and Neil Gamss, also impressed this December, placing 13 loans totaling over $172 million for clients in nine states.
There were 10 bridge loans (mostly for acquisitions) and 3 A/R lines for working capital financing arranged for 12 skilled nursing facilities and one assisted living community.
All in a month’s work!