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Capital One Closes $6.8MM Loan for Acquisition Supportive Living, Skilled Nursing Facility

February 11, 2016, 07:08 AM
Filed Under: Real Estate

Capital One announced it has provided a $6.8 million fixed-rate, HUD 232/223(f) loan to refinance a 134-bed skilled nursing facility in Northern Illinois. The loan has a 35-year term.  Senior Vice President Joshua Rosen, who leads Capital One’s agency healthcare lending from the company’s Chicago office, originated the transaction.
 
As one of the leading participants in HUD’s LEAN lending program, Capital One Multifamily can streamline the application process and delivery of 232/223(f) financing, an essential capability in meeting both the buyer’s and seller’s need for a speedy execution.
 
The client has turned to the 232/223(f) program several times in recent years. The advantages of the program include low fixed interest rates and amortization up to 35 years and a loan-to-value ratio of up to 80 percent. In addition, the loans are fully assumable for qualified buyers. “For investors in skilled nursing properties, the 232/223(f) program is a valuable tool,” said Rosen.
 
The property consists of two stand-alone buildings on two tax parcels that have been zoned as one parcel with a single special use permit.
 
Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. Capital One Commercial Banking leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.

 







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