Capital One Multifamily Finance announced today that it has provided a $7.3 million fixed-rate, HUD 232/223(f) loan to refinance a 176-bed skilled nursing facility in Detroit. Senior Vice President Joshua Rosen originated the transaction.  Rosen leads Capital One’s agency healthcare lending from the company’s Chicago office. This is the second HUD-insured project that the borrowers, specialists in skilled nursing facilities, have closed with Capital One.

The property consists of 90 one-, two-, and three-bed units, and the investors have undertaken a comprehensive renovation program since they acquired it in 2010 that has made the property more appealing for Medicare residents. “We have an excellent working relationship with this valued client, with several completed deals and more in the works,” Rosen said. “In addition, the 232/223 (f) loan program—with its extended maturities—is a great way for investors to lock in today’s historic rates well into mid-century,” Rosen continued.  “This loan has a 35-year term.”  Rosen also notes that the 232/223 (f) program offers an attractive loan–to-value ratio, and eligible 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.