Capital One has provided a 35-year, fixed-rate $17.1 million HUD 232/223(f) loan to refinance a 104-unit skilled nursing facility in Romeo, Michigan, in the northern suburbs of Detroit.
The refinancing was conducted under HUD’s 232/223(f) program, allowing the borrower to refinance existing bank debt as well as partnership debt. Senior vice president Joshua Rosen originated the transaction for a repeat Capital One customer.
Built in 2014, the facility is designed to provide high standards of care and patient satisfaction. It features large state-of-the-art therapy areas catering to Medicare and Managed Care residents and abundant common areas, including a bistro selling Starbucks products. Each resident room has a full bath with roll-in shower. Nurses collect patient data using mobile workstations.