Illinois SNFs receive refinancing
Capital One has provided two fixed-rate, HUD 232/223(f) loans for skilled nursing facilities in Anna, IL and in Carbondale, IL. The loans total $10.3 million.
The Anna facility has 70 beds received $5.9 million, while the Carbondale facility has 131 beds and received $4.4 million.
Senior Vice President Joshua Rosen, who originated the loan said the company locked in “an extremely favorable interest rate.”
“With the extended maturities investors can secure through the 232/223 (f) loan program — in this case 35 years — even a slight reduction in interest rates can make a big difference over the long term,” he said. He added the 232/223 (f) program is attractive to skilled nursing operators because the loan–to-value ratio can be as high as 85% in some circumstances.