July 24, 2017
Save the date for Connect Healthcare on November 8 – a national event at the Andaz Scottsdale Resort & Spa. More details coming soon.
Capital One provided three fixed-rate HUD 232/223(f) loans totaling $27.2 million to refinance a portfolio of three skilled nursing facilities in Tennessee. The loans have a 35-year term and were originated by Joshua Rosen on behalf of the borrower, Strawberry Fields REIT.
“Strawberry Fields has a history of turning to the Lean 232 loan program to provide long-term stability for its properties,” Rosen said. “Loans in this program are particularly attractive now, given the low rate environment.”
The three facilities are:
- Lakebridge, a Waters Community, a 109-bed skilled nursing facility in Johnson City, 91% occupied, $10.6 million loan
- The Waters of Smyrna, a 91-bed skilled nursing facility, 86% occupied, $8.4 million loan
- The Waters of Shelbyville, a 96-bed skilled nursing facility, 92% occupied, $8.2 million loan
The South Bend, IN-based REIT owns 57 facilities in Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee, and Texas.
For comments, questions or concerns, please contact Dennis Kaiser