Multifamily Finance — Recent Closings

$27.2 Million — Multi-city, Tennessee

CAPITAL ONE CLOSES HUD LOANS TOTALING $27.2 MILLION TO REFINANCE TENNESSEE SKILLED NURSING FACILITIES

Capital One provided three fixed-rate HUD 232/223(f) loans totaling $27.2 million to refinance a portfolio of three skilled nursing facilities in Tennessee. The loans have a 35-year term. Senior Vice President Joshua Rosen originated the transactions.

The borrower, Strawberry Fields REIT, is a repeat Capital One client. It owns 57 facilities in Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee, and Texas.

“Strawberry Fields has a history of turning to the Lean 232 loan program to provide long-term stability for its properties,” Rosen said. “Loans in this program are particularly attractive now, given the low rate environment.”

The three facilities are:

  • Lakebridge, a Waters Community, a 109-bed skilled nursing facility in Johnson City, Tennessee with a current occupancy of 91 percent.
  • The Waters of Smyrna, a 91-bed skilled nursing facility with a current occupancy of 86 percent.
  • The Waters of Shelbyville, a 96-bed skilled nursing facility with a current occupancy of 92 percent.

Lakebridge, a Waters Community received a $10.6 million loan, and the loans for The Waters of Smyrna and The Waters of Shelbyville were $8.4 million and $8.2 million, respectively.

“These properties are all in good condition and are performing well,” said Moishe Gubin, CEO of Strawberry Fields. “We were pleased to secure long-term financing so that we can continue to provide much needed high-quality skilled nursing services to the local communities.”

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.


WHAT THEY SAY ABOUT US

“The Capital One CRE team consistently demonstrates expertise and passion—that commitment translates into creativity, responsiveness, and optimizing the timing and structure of each transaction.”

Michelle Lord, Vice President of Capital Markets, Fairfield Residential Company LLC

STAY IN-THE-KNOW

Get industry updates and insight from our experts. Sign up for our e-newsletter.

*Beech Street is now Capital One Multifamily Finance and our commitment to customer service is even stronger.

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.