If you are a long-term care provider relying on Medicaid dollars to make ends meet, Illinois is probably one of the last places where you'd want to be doing business. But Illinois also might have a program worth emulating wherever you are.
Capital One Bank is the joint bookrunner for an $85 million, seven-year senior secured term loan to subsidiaries of Parkwood Properties Inc. and a $30 million revolver loan to Palm Garden Healthcare Holdings LLC, the company announced.
Lancaster Pollard generated the largest volume of activity in the U.S. Department of Housing and Urban Development Lean mortgage insurance program for seniors housing, the company announced last week.
Oak Grove Capital announced it has closed a $259 Fannie Mae DUS credit facility for Brookdale Senior Living.
With credit from private lenders tight, nursing homes are increasingly turning to the federal government for mortgage loans, according to a Thursday article in the Wall Street Journal.
It wasn't so long ago that long-term care operators looked at HUD funding with a disdain bordering on contempt. But the Department of Housing and Urban Development has come a long way in a short time. By staying in the game, offering good rates and speeding up its approval pipeline, this public option has quietly gained a newfound respectability.
Berkadia Commercial Mortgage recently closed on supplemental financing for affiliates of Capital Senior Living Corporation.