Beech Street Capital provides $23.1M refinance loan to Chicago center

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Beech Street Capital has provided a $23.1 million HUD 232/223 (f) loan to refinance Lake Shore HealthCare and Rehabilitation Centre in Chicago. The building has 281 beds.

This is the first loan to be approved under HUD's new Intercreditor Agreement, which will be open to public comment until March 31, Beech Street noted. Lake Shore Healthcare and Rehabilitation is owned by ManagCare, a Chicago-based family business operating 10 skilled nursing facilities in Illinois. The company purchased the property in 2009 and has invested over $1 million in renovations.