Texas Nursing Facilities Land $28M in Financing
- Aug 10, 2017
Hunt Mortgage Group secured a loan in the total amount of $27.6 million on behalf of Senior Living Properties LLC to refinance eight skilled nursing facilities located throughout Texas. The financing was arranged through the HUD LEAN program and closed with the Fort Worth, Texas HUD office.
Proceeds from the new loans will enable the borrower to refinance a temporary loan to permanent fixed rate loans and provide funds for repairs and improvements of the properties included in the financing.
Recently, Hunt Mortgage has also provided a bridge loan in the amount of $5 million to refinance a Texas office park on behalf of Stafford Office Park II LP.
Senior Living Properties
The firm currently owns and operates 31 skilled nursing facilities in Texas, which offer both private and semi-private accommodations. The properties include 841 licensed nursing home beds, and the services offered include 24-hour skilled nursing care, hospice care, IV therapy, rehabilitative care and vacation/respite care.
“Senior Living Properties came under new management in 2014 and the new leadership team has completed one of the best turn-arounds that I have ever seen, both operationally and clinically,” said Jim Neil, director at Hunt Mortgage Group, in a prepared statement. “The HUD office in Fort Worth informed us that this is the largest number of LEAN transactions that they have ever closed in a single day. We are very pleased with the work the HUD LEAN group, underwriters and closing staff did for us and for our client. This was a complex group of transactions. It took an amazing team with tremendous expertise to get us to the finish line.“
Images courtesy of Hunt Mortgage Group and Senior Living Properties