Capmark Finance, Inc. recently announced that it has refinanced $24,700,000 in debt for two Florida seniors housing properties owned by subsidiaries of Hallmark Housing LLC. The two properties, Heritage Oaks and Allegro at East Lake, were refinanced with variable rate debt priced over Freddie Mac’s One-Month Reference Bill Rate totaling $17,000,000 and $7,700,000 respectively.
Heritage Oaks is a 120-unit independent and assisted living community located in Tallahassee, Fla., and the Allegro at East Lake, located in Tarpon Springs, Fla., is a 92-unit independent and assisted living community. The communities are managed by Love Management Company, another Hallmark Holdings subsidiary. Capmark Finance Inc., the U.S. real estate lending and mortgage banking operations of Capmark, is a direct lender, a correspondent for insurance companies, pension funds and other capital markets conduits and one of the leading approved lenders for Fannie Mae, Freddie Mac and HUD/FHA.
For the full press release, click here.