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MidwestCRE

Capital One Bank closes $22M FHA Loan to refinance Illinois skilled nursing facility

Staff Writer April 4, 2017
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Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided a $22.0 million HUD 232/223(f) loan to refinance a 304-bed skilled nursing facility in Illinois. The transaction was originated by Senior Vice President of originations Joshua Rosen, who leads Capital One’s agency healthcare lending from the company’s Chicago office.

“In this interest rate environment, a 232/223 (f) loan is a fantastic opportunity,” Rosen says. “This loan has a term of 35 years at an attractive interest rate. In fact, interest rates have been two and three times as high for more than a decade over the past 35 years.” Rosen also noted that 232/223 (f) loans are fully assumable for qualified buyers.

Capital One has provided a series of 232/223 (f) loans to this borrower. “Having worked repeatedly together, we have a solid appreciation for the borrowers’ business model, and they understand HUD’s priorities,” Rosen points out. “The borrowers not only get a great rate. They get a great process.”

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