Capital One Closes $9.3M FHA loan
Capital One has provided a $9.3 million fixed-rate, HUD 232/223(f) loan to refinance a 112-bed skilled nursing facility in Waukegan, IL.
The facility was first built in 1963. The current owner bought it in 2007 and made substantial upgrades.
New regulations allowed borrowers to refinance existing debt without waiting two years.
“Thanks to the new waiver, the borrower didn't have to wait two years to refinance with HUD. This enabled them to lock in today's low rates on a nonrecourse basis for 35 years,” said Senior Vice President Joshua Rosen, who originated the transaction. “Because of our extensive experience with HUD's 232/223(f) program, we are in a position to act quickly and make new features available to our clients as soon as they are introduced. In this case, the long-terms savings for the borrower were substantial.”