$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.
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