M&T Provides $18M Refinancing for Skilled Nursing Facility in Chelsea
M&T Realty Capital Corp. has provided a $17.6 million loan to refinance a 120-unit, skilled nursing facility in Chelsea, MASS.
The loan was completed under the HUD’s Section 232 program, which provides mortgage insurance for residential care facilities such as assisted living facilities, nursing homes, intermediate care facilities, and board and care homes. The refinancing saved the borrower over 1% on their interest rate, resulting in annual cash flow savings of over $137,000. The fixed-rate, fully amortizing loan extended the maturity to 40 years.
Steve Muth of M&T Realty Capital Corporation’s Richmond office arranged the financing on behalf of the undisclosed borrower.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.