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.
- ◦Financing