HUD LEAN Alive for ALFs
October 31, 2009
In what may be the largest assisted living portfolio financing under the HUD LEAN financing program this year, Capital Funding Group just closed on six separate loans totaling $80.78 million on behalf of Morningside Management.
The loans ranged in size from $6.2 million to $22.3 million, for an average of $142,000 per unit. Five of the properties are in Maryland and the sixth is in Virginia. Best of all, the interest rate on them was a low 4.75% plus the mortgage insurance premium. They were all done at 80% loan to value, and the proceeds were used to take out the existing lender, GE Healthcare Finance. With rates like these, it is worth the wait.