Paragon Mortgage Corp. has provided a $16.3 million loan to refinance All Saints Healthcare Subacute, a 128-bed skilled nursing facility in North Hollywood, Calif.
The company originated the 35-year fully amortized note through HUD’s Lean 232/223(a)(7) refinance program. Proceeds recapitalize existing debt and provide funds for capital repairs and property improvements.
According to public records, All Saints Healthcare Subacute spans across 28,934 square feet. The single-story building at 11810 Saticoy St. is south of the Sun Valley neighborhood. The facility provides care and rehabilitation services for pediatric and adult patients, as well as respiratory therapy care for complex medical conditions. Services include speech, occupational and physical therapy, among others.
The property is some 16 miles northeast of downtown Los Angeles in the San Fernando Valley region, in a retail area east of the Hollywood Freeway, with Interstate 5 less than 2 miles north. Pacifica Hospital of the Valley and Kaiser Permanente Medical Center are both within a 3-mile radius of the facility.
HUD’s Lean program is one of the major sources of financing for the senior housing sector. In January, a 72-bed skilled nursing facility in Merced, Calif., also received $16.3 million in Lean funds.