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Chicago & Midwest  + Greater Chicagoland  + Senior Housing  | 

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.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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