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Chicago & Midwest  + Greater Chicagoland  + Healthcare  |  January 4, 2019
Paul Bubny
By: Paul Bubny

Park Ridge Assisted Living Lands HUD Refi

Capital One has provided a $15.1 million fixed-rate HUD 232/223(f) loan to refinance Avantara Park Ridge, a 154-bed assisted living facility in Park Ridge, IL, a suburb northwest of Chicago. SVP Joshua Rosen originated the transaction.

The key principals have extensive experience in healthcare management and ownership. The transaction allowed them to replace bank debt with low-rate, long-term financing and to recoup their capital expenditures and partner debt.

“The substantial additional cashflow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” Rosen said. “The borrowers are benefiting both from a lower fixed rate and an extended amortization period, which in the case of this loan is 35 years.”

Since purchasing Avantara in 2014, the borrowers have extensively renovated the facility, which has a five-star rating on Medicare.gov.


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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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