While the Department of Housing and Urban Development is approaching the limit to its commitment authority, or the amount it can insure for multifamily and health care loans, applications remain strong in the senior living sector across assisted living and skilled nursing properties.
HUD received 98 applications in June, up from 48 applications in May though falling short of its 155-application count in June 2012.
Of those applications for assisted living or nursing home financing, 90 were for refinances, 3 for additions, one new construction and two for each rehabilitation and property improvement.
During the month of June, 50 assisted living and nursing home loans were endorsed under the Section 232 program, with ending insurance in force for 2,735 loans or a total of $19.52 billion.
The agency has begun prioritizing projects such as hurricane Sandy rebuilding projects, affordable housing and others ahead of refinancings.
Written by Elizabeth Ecker