CWCapital, LLC, recently announced that it has provided $23.2 million in financing for the construction of a 100-unit Assisted Living facility in Gig Harbor, Washington. The Lodge at Mallard’s Landing is the first construction loan to be closed using the FHA’s LEAN processing program. LEAN, introduced in June 2008, is now fully implemented across all FHA healthcare programs. LEAN aims for a closing within 30 days of the submission of a complete loan package to the FHA. CWCapital principals worked closely with the FHA to develop LEAN and closed the first LEAN loan in the country this summer, a $4.4 million loan on a healthcare facility in Idaho. In January, CW provided $7.5 million in refinancing for a 193-bed facility in Montana, again using LEAN processing.
"This is the perfect time for the FHA to step forward with this process," stated Michael Berman, President and CEO of CWCapital. "Seniors housing finance options are limited. This partnership of private lenders, such as CWCapital, taking more responsibility in concert with the FHA represents an opportunity to deliver credit more efficiently and responsibly. The LEAN process is well suited to CW’s diligent underwriting and closing culture."
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