President Obama’s 2013 Federal Budget, released in February, included plans to raise the mortgage insurance premiums (MIP) on many of the Department of Housing and Urban Development’s (HUD) loan programs, including those for healthcare facility lending, and the increased rates will soon be going into effect, the department recently reminded program users in an email. […]
Category: HUD
Three men have agreed to collectively pay more than $5 million after being busted for misleading the Department of Housing and Urban Development (HUD) in order to get HUD-insured mortgage refinancing for three Oklahoma nursing homes, says the Department of Justice. Philip Green and Jerry Max Jiles, the owners of Bartlesville Health Care Center, Inc., […]
In July, news surfaced that the Department of Housing and Urban Development (HUD) was thinking about changing its guidelines for financing senior living care-continuum campuses. During SHN’s Senior Housing Summit held last month in Chicago, Tim Gruenes of HUD’s Office of Healthcare Programs addressed the rumors. Traditionally, HUD has placed limits on the use of its […]
LTC Properties Privately Places $85.8 Million of Debt Financing LTC Properties, Inc. (NYSE:LTC) announced on Monday it had entered into a private placement of 12-year senior unsecured notes amounting to $85.8 million to a group of institutional investors. The notes have a 5.03% interest rate and mature on July 19, 2024, with scheduled annual principal […]
The Federal Housing Administration is looking to establish a partial payment of claims (PPC) process for the Department of Housing and Urban development’s Section 232 program, thanks to success the process has had in heading off some full-scale defaults of FHA-insured loans in the agency’s multifamily portfolio and the benefits it is expected to produce […]
Mainstreet Property Group’s HealthLease Properties REIT Closes $25 Million Credit Line Mainstreet Property Group, LLC, announced on Tuesday that certain indirect subsidiaries of HealthLease Properties Real Estate Investment Trust (TSX:HLP.UN) have entered into a $25 million revolving credit facility with PNC Bank. The facility has an initial term of 36 months from closing and provides […]
There may be a big change around the corner for continuing care retirement communities and other care continuum campuses seeking financing from the Department of Housing and Urban Development (HUD) regarding the agency’s guidelines for providing loans to communities where more than 25% of their units are unlicensed. Traditionally, HUD financing has a limitation on the […]
Prudential Closes $46.5 Million Loan for CNL’s Portfolio Acquisition Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU) recently closed on a $46.5 million Fannie Mae refinancing loan for CNL Lifestyle Properties, LP and Solomon Senior Living, a portfolio of four senior living complexes in the greater Atlanta, Ga. area. The […]
The senior housing industry is seeing a flurry of financing activity with interest rates as competitive as they are, and many lenders are saying that considering the possible financial benefits that can be reaped, now is the time to refinance portfolios both large and small. “We’re seeing a tremendous amount of refinancing, [especially] for people […]
Much has been discussed about the pros and cons of the HUD 232 New Construction or Substantial Rehabilitation (sub-rehab) program for the financing of Skilled Nursing and Assisted Living construction. Although challenges do exist, there are certainly ways to make the program work effectively for health care projects. The Advantages While there is no “free […]
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