Senior Housing Finance Activity: Capital One, Oxford Finance, Cambridge

Capital One Bank Refinances $11M FHA Loan for Mich. SNF

Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, provided a $11.05 million HUD 232/223(f) loan to refinance a 231-bed skilled nursing facility in Michigan.  

“By taking an extremely thorough and conservative approach to underwriting, we were able to bypass the appraisal review, and, as a result, were able to deliver the deal with time to spare,” Rosen says in a written statement, adding that the opportunity to lock in current low interest rates for a long term is one of the attractions of HUD’s 232/223(f) program.

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Senior Vice President of originations Joshua Rosen, who leads the company’s agency healthcare efforts from the company’s Chicago office, originated the transaction.

Capital One Bank Refinances $22M FHA Loan for Ill. SNF

Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, provided a $22 million HUD 232/223(f) loan to refinance a 304-bed skilled nursing facility in Illinois.  

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“In this interest rate environment, a 232/223 (f) loan is a fantastic opportunity,” Rosen says in a written statement. “This loan has a term of 35 years at an attractive interest rate. In fact, interest rates have been two and three times as high for more than a decade over the past 35 years.”  

Capital One has provided a series of 232/223 (f) loans to this borrower.

Senior Vice President of originations Joshua Rosen, who leads the company’s agency healthcare efforts from the company’s Chicago office, originated the transaction.

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Cambridge Arranges $6.5M HUD Lean Loan for Ill. ALF

Cambridge Realty Capital Companies arranged a $6,560,000 HUD Lean loan to refinance Morris Senior Living, a 76-bed assisted living facility located in Morris, Il.

The fully-amortized, 35-year loan was arranged for the owner, an Illinois limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program, which is used to refinance existing loans, says Cambridge Chairman Jeffrey A. Davis in a written statement. 

Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans. 

Grandbridge Real Estate Capital Closes $12M Mortgage Loan for Ore. Memory Care Facility 

The Atlanta-based Seniors Housing and Healthcare Finance Team of Grandbridge Real Estate Capital closed a $12,250,000 first mortgage loan secured by Quail Park Memory Care in Eugene, Ore.

Funding for the refinance was provided by BB&T Real Estate Funding, Grandbridge’s exclusive balance sheet lending platform, and featured a seven-year term and 30-year amortization.

The loan is prepayable with yield maintenance plus .5% during the first half of the term and for only .5% for the second half of the term, except that for the last 90 days of the loan term, the loan may be paid with no fees. 

Located in the Portland, Ore., metropolitan statistical area, the 49-unit/70-bed memory care seniors housing community features living areas, family friendly kitchens, large dining and entertainment rooms, as well as a custom designed Memory Park at the heart of the community. This secure area has a returning path system to allow residents the freedom to enjoy the outside independently and safely.

Senior Vice President Richard Thomas originated the transaction. 

Pritok Capital, Oxford Finance Close $12.4M Financing to Purchase Kan., Mo. SNFs

Oxford Finance LLC, a specialty finance firm that provides senior debt to life sciences and healthcare services companies, closed a $12.4 million senior secured term loan and a $1.5 million revolving line of credit with Pritok Capital.

Proceeds of the term loan were used to purchase two skilled nursing facilities in Kansas and Missouri, and the revolver will provide working capital.

This is the third acquisition Pritok Capital has completed with Oxford.

Written by Cassandra Dowell

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