Capital One Arranges $11M Refi for NM Senior Housing
- Mar 06, 2018
Capital One has provided a $11.3 million fixed-rate HUD 232/223(f) loan to refinance Wheatfields Senior Living Community, an assisted living facility in Clovis, N.M.
Senior Vice President Joshua Rosen originated the transaction, which offers a 35-year term and allowed the principals to replace bank debt with low-rate, long-term financing and recoup capital expenditures.
Located at 4701 N Prince St., the 101-bed property was constructed in 2008. The community comprises five detached independent living cottages, as well as the assisted living building that was later completed in 2011. Wheatfields is the largest facility within the rural area, where most offer under 25 beds.
“As more of the population ages into facilities like assisted living communities, we’re seeing interest from owners and operators nationwide to expand their footprint and/or upgrade existing properties,” Rosen told Multi-Housing News. “Our team’s ability to understand the challenges of this business and see around corners allows us to secure competitive terms that best serve our clients.”
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