SunTrust Originates $13M HUD Loan for Seniors Housing in Virginia

SunTrust Banks, Inc. (NYSE: STI) announced today that Joshua Hausfeld, managing director of SunTrust CRE Seniors Housing & Healthcare Finance, originated a $13.168 million HUD 232/223(f) loan for a Runk & Pratt senior living community located in Lynchburg, Virginia. SunTrust originated a fixed-rate, non-recourse 35-year term loan with a 35-year amortization schedule for the 57-unit, 81-bed assisted living and memory care property. The property was originally built in 1978 but was converted to assisted living in 1996 and underwent extensive renovations in 1998, 2003 and 2016. The property is historically well occupied and maintains strong financial performance.

Runk & Pratt is a family owned operator of a portfolio of senior living communities primarily located in Southwest Virginia. Mr. Hausfeld locked in a low interest rate HUD loan to refinance the Lynchburg property and closed the transaction on July 27.

Runk & Pratt is a longtime client of David Wilt, market president of SunTrust Corporate & Commercial Banking in Roanoke, Virginia. “David introduced us to the company’s founders, Brian and Vickie Runk, to facilitate their permanent agency financing needs,” said Hausfeld. “The combined SunTrust team created a long-term strategy for the Lynchburg property and is working with Runk & Pratt to provide corporate and other agency financing options for their seniors housing portfolio,” added Hausfeld.

“SunTrust offered us a strategic, integrated approach to capitalizing our Lynchburg seniors housing property and worked efficiently to process and close the transaction in a timely fashion,” said Brian Runk.

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Source: DC City Biz List