Capital One has provided a $7.6 million fixed-rate HUD 232/223(f) loan to refinance Senior Suites at Leland, a 109-bed assisted living facility in Richmond, Indiana. Senior vice president Joshua Rosen originated the transaction, which has a term of 35 years.
The key principals have extensive experience in financing and operating senior care properties. The transaction allowed them to lock in low-rate fixed-term financing, replacing traditional bank debt, and to recoup the costs of improvements and renovations.
Senior Suites at Leland’s lobby, dining room, and indoor pool reflect its origins as the Leland Hotel, which opened in 1928 and hosted such guests as President Harry Truman and Hoagy Carmichael. The current owner has added new furniture, upgraded the elevators, and added nursing offices since purchasing the property in 2015. It has also renovated a number of rooms.