$12 Million — Gresham, Oregon
CAPITAL ONE CLOSES $12 MILLION HUD LOAN TO REFINANCE PORTLAND-AREA SKILLED NURSING FACILITY
Capital One announced today that it has provided a $12 million fixed-rate HUD 232/223(f) loan to refinance Regency Gresham, a 128-bed skilled nursing facility (SNF) in Gresham, Oregon, a city east of Portland. Senior Vice President Joshua Rosen originated the transaction.
Regency Gresham was built in 1960 with an addition added in 1976. The sponsors are experienced owners and operators of skilled nursing facilities who reinvest in their properties to improve competitiveness and extend the properties' economic life. In this case, they converted four-person wards and semiprivate rooms to semiprivate and private ones. The sponsors will use proceeds of the loan to extend their renovation program to other areas of the facility, modernize the building’s infrastructure, improve common area appearance, and enable additional therapy services.
“The Lean 232 loan program offers many advantages for owners of skilled nursing facilities, including the opportunity to lock in today’s historically low rates for as long as 35 years,” Rosen said. “HUD has recently made the program even more attractive by eliminating seasoning on cash-out bridge loans.”
Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. Additional information can be found at www.capitalone.com/commercial/multifamily.
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Capital One Multifamily Finance is distinguished by its ability to structure multifamily mortgages customized to the precise needs of its clients. We are a Fannie Mae DUS® lender, a Freddie Mac lender, and a FHA HUD lender. Plus, we offer balance sheet financing backed by the full strength of Capital One Commercial Banking. You can count on our team of multifamily mortgage makers to deliver apartment financing smoothly, quickly, and with certainty.