January 4, 2019 Comments Off on Park Ridge Assisted Living Lands HUD Refi Views: 400 Chicago News, Greater Chicagoland

Park Ridge Assisted Living Lands HUD Refi

Capital One has provided a $15.1 million fixed-rate HUD 232/223(f) loan to refinance Avantara Park Ridge, a 154-bed assisted living facility in Park Ridge, IL, a suburb northwest of Chicago. SVP Joshua Rosen originated the transaction.

The key principals have extensive experience in healthcare management and ownership. The transaction allowed them to replace bank debt with low-rate, long-term financing and to recoup their capital expenditures and partner debt.

“The substantial additional cashflow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” Rosen said. “The borrowers are benefiting both from a lower fixed rate and an extended amortization period, which in the case of this loan is 35 years.”

Since purchasing Avantara in 2014, the borrowers have extensively renovated the facility, which has a five-star rating on Medicare.gov.

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