DEAL OF THE DAY: Deutsche Bank Provides $81.9M Refinancing for Senior Housing Portfolio
Houston--Deutsche Bank Berkshire Mortgage (DBBM) recently provided an $81.9 million loan for the refi of eight skilled nursing facilities in Texas.
Houston–Deutsche Bank Berkshire Mortgage (DBBM) recently provided Healthcare REIT, Inc., an equity real estate investment trust, an $81.9 million loan for the refinancing of eight skilled nursing facilities in Texas.
DBBM financed the properties through individual loans utilizing HUD’s new LEAN program, which streamlines the application process for the refinancing and acquisition of seniors housing properties. The loans were structured with a 35-year fully amortizing term.
“This financing package represents an important milestone for DBBM as we expand our seniors’ housing efforts,” said Steve Wendel, co-head of DBBM. “We will continue to be active in the sector and are confident that this asset class will remain stable as markets improve.”
The loan portfolio consists of the following assets: Paramount Rehabilitation and Health Care Center, Pasadena, Texas; West Oaks Health Care Center, Austin, Texas; West Oaks Health Care Center of Houston, Houston; Westwood Rehabilitation & Health Care Center, Houston; Mystic Park Rehabilitation & Health Care Center, San Antonio; Paramount Health & Rehabilitation Healthcare Center, San Antonio; The Pointe Rehabilitation & Health Care, Webster; The Rehabilitation & Health Care Center at Baytown, Baytown, Texas.