RED Mortgage Capital recently closed a $3.5 million FHA 232/241(a) loan for Woodlands at Hampton Woods, a skilled nursing and assisted living facility in Poland, Ohio.
The FHA supplemental loan will fund the addition of a new skilled nursing building to the existing 121-bed campus. The project, called The Rehabilitation Center at Hampton Woods, will include 26 private beds designed for short-term rehabilitation care and a 5,000-square-foot therapy gym.
RED advised the owner on the development of the facility’s long-term financing plan, which needed to address the refinancing of the existing debt and the financing of the expansion project. The FHA financing provided the project with attractive non-recourse construction and permanent financing, a fixed interest rate, and a long, fully amortizing loan term. RED also obtained an Early Start approval for the owner that allowed construction to begin prior to the loan closing.
