July 24, 2017 Comments Off on Capital One Closes $27.2M HUD Loans for Trio of Tennessee Skilled Nursing Facilities Views: 707 National News, Southeast, Tennessee

Capital One Closes $27.2M HUD Loans for Trio of Tennessee Skilled Nursing Facilities

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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.

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