$23.4 Million — Northern Illinois
CAPITAL ONE CLOSES $23.4 MILLION FHA LOAN TO REFINANCE NORTHERN ILLINOIS SUPPORTIVE LIVING AND SKILLED NURSING FACILITY
July 11, 2016, BETHESDA, MD – Capital One announced today that it has provided a $23.4 million, 35-year fixed-rate HUD 232/223(f) loan to refinance a supportive living and skilled nursing facility in Northern Illinois. Senior Vice President Joshua Rosen originated the transaction. The borrower is a repeat client of Rosen and Capital One.
“The borrower was eager to complete the transaction as quickly as possible to ensure that they would be able to lock in today’s low interest rates for the life of the 35-year loan,” said Rosen. “For investors in skilled nursing properties, the 232/223(f) program is a valuable tool and as a HUD LEAN lender, Capital One Multifamily Finance can streamline the application process and delivery of this financing.
FHA 232/223(f) loans can be used to finance state-licensed nursing homes as well as assisted living, intermediate care, and board and care facilities. The advantages of the program include low fixed-interest rates and, in specific instances, amortization up to 40 years and an attractive loan-to-value ratio. In addition, the loans are fully assumable for qualified buyers.
The supportive living facility was previously a Hilton Hotel, and its conversion was completed in 1989. The skilled nursing facility is licensed for 298 beds, and was completed in 2013.
“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
*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.