Lancaster Pollard recently closed on a $7 million HUD LEAN mortgage loan for Family Health & Rehabilitation Center, a 72-bed nursing facility in Wichita, Kan.
The loan, insured by the FHA Sec. 232/223(f) program, was used to refinance the property at a low interest rate with a 35-year term and amortization. In addition, the borrower was able to use loan proceeds to finance aabout $600,000 in owner-elective repairs to the facility, including the expansion of its therapy room.
Bill Wilson, out of Lancaster Pollard’s Lawrence, Kan. office, was the lead banker on the transaction.