Ziegler, a specialty investment bank, closed a $13.6 million refinancing for an Altitude Health Services affiliate.
The refinance was for a 187-bed skilled nursing facility located in El Paso, TX. The facility does business as Mountain View Health and Rehabilitation. The property was acquired by Altitude in 2016 using bank financing. The HUD 232/223(f) refinance from Ziegler allowed Altitude to lock in low interest rate, fixed rate, non-recourse debt for 35 years.
“This was a very difficult HUD loan to get over the finish line with a lot of moving parts and a very tough environment,” Christopher Utz, managing director of Ziegler Senior Housing & Care Finance, said. “Ultimately, the Ziegler HUD team was able to execute and exceed the borrower’s expectations.”
