Capital One announces loans for SNF refinancing
Capital One Multifamily Finance has provided $29.1 million in fixed-rate, HUD 232/223(f) loans to refinance four skilled nursing facilities in California, the firm said.
The loans are for $8.6 million for a 98-bed facility and $6.6 million for a 75-bed facility, both in San Gabriel; $7.7 million for a 107-bed facility in Highland Park; and $6.2 million for a 97-bed facility in Alhambra.
The owners had purchased the four facilities using bridge financing in 2013 and used HUD financing to lock in low interest rates, Capital One said.
“As the population ages, we believe that there will be increasing interest in FHA financing for skilled nursing facilities,” said Senior Vice President Joshua Rosen. “We have assembled the expertise needed to meet this rising demand.”