Nashville, Tennessee (October 4, 2017) – Pillar Financial, a division of SunTrust Bank and an industry leader of financing solutions for affordable and market rate multifamily, senior housing and post-acute healthcare properties, announced today that Don Husi, Director of Pillar in the Nashville office, originated two HUD 232_223(f) loans for seniors housing properties. He closed a $13.592 million fixed-rate, 30-year term loan with a 30-year amortization schedule to refinance Oakridge Gardens Nursing Center in Menasha/Appleton, Wisconsin. Mr. Husi also closed a $7.176 million fixed-rate, 35-year term loan with a 35-year amortization schedule for Oakwood Terrace in Moosic, Pennsylvania, which is located outside of Scranton and Wilkes-Barre, Pennsylvania. The loans closed in September.
“Oakridge Gardens Nursing Center is a scattered site that includes 143 beds across a large skilled nursing facility and two small assisted living communities. The HUD program allowed the operator to secure one loan across all three properties, which is a bit unusual in today’s market,” said Husi. Oakridge Gardens’ two assisted living properties provide an option for the assisted living residents to enter the skilled nursing property if they require greater care.
“Prior to the HUD loan for the Oakwood Terrace property, Pillar was able to provide a balance sheet execution to enable the timely acquisition of Oakwood Terrace by Premier Senior Living, LLC based in New York city, which then allowed us to take the property directly to HUD without the use of an additional set of third-party reports and associated other expenses,” added Husi. Oakwood Terrace is a Memory Care Community that features 35 units and 58 beds in the facility.