Capital One Closes Loan to Refi Skilled Nursing Facility
Capital One Multifamily Finance provided a $5.7 million fixed-rate, HUD 232/223(f) loan to refinance a 144-bed skilled nursing facility in Northern Illinois. The property was built in 1972, with additions in 1988 and 1993.
The key principals are experienced owners and operators of skilled care facilities who pursued HUD financing because they saw an opportunity to lock in current low interest rates for the 35-year term of the loan. “Thanks to the 232/223 (f) loan program, investors can nail down today’s historic rates all the way to mid-century,” Rosen said. Rosen also noted that the 232/223 (f) program is attractive to skilled nursing operators since eligible loans are nonrecourse and fully assumable.
Senior Vice President Joshua Rosen originated the transaction. Rosen leads Capital One’s agency healthcare lending from the company’s Chicago office. Capital One closed the deal in just 100 days.
“Our team of experienced HUD underwriters understands the agency’s documentation requirements,” Rosen says. “This specialized knowledge makes the process easier on the borrower and minimizes delays in closing the deal.”