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Capital One Provides Refi on Supportive Living Facility
Capital One has provided a 35-year, fixed-rate $28.4-million HUD loan to refinance a supportive living facility in the Chicago suburb of Des Plaines, IL. SVP Joshua Rosen originated the transaction for a repeat Capital One customer.
The refinancing was conducted under the revised healthcare rules for HUD’s 232/223(f) program, which now allow a borrower to refinance and recapture equity without having to complete a two-year seasoning period.
“A portion of the property was in a floodway, which would have made it ineligible for the program,” said Rosen. “By identifying an opportunity to legally change the survey plat to carve out a floodway, we enabled the financing to go ahead.”
The property includes 162 assisted-living units, 150 supportive living units and 71 new licensed skilled nursing beds. The facility was originally constructed in 1967 as an independent living/supportive living facility; the borrower added a skilled nursing wing this year.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing

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