Capital One Multifamily Finance announced it has provided a $21.4 million fixed-rate, HUD 232/223(f) loan to refinance a 186-bed skilled nursing facility in Chicago. Senior Vice President Joshua Rosen originated the transaction.  Rosen leads Capital One’s agency healthcare lending from the company’s Chicago office. The borrowers are experienced operators who have assembled an extensive portfolio of skilled nursing facilities in the Midwest over the last decade. They have closed several deals with Capital One Multifamily Finance during the last year.

“The 232/223 (f) program provides an excellent opportunity to lock in historic low rates over the long run,“ Rosen says. “In this case, the loan has a 35-year term.”  Rosen also noted that 232/223 (f) loans are nonrecourse and fully assumable. 

Capital One Bank’s Commercial Real Estate Group provides financing in markets nationwide, offering a comprehensive array of solutions for property owners and developers, including balance sheet and agency lending, financing, underwriting, and treasury management. Capital One is a Top 5 lender by volume in HUD’s LEAN program for fiscal year 2014.