M&T Realty Capital Corporation®
(“M&T RCC”) provided a $11,325,000 bridge-to-HUD loan for the acquisition of a 95-unit assisted living and memory care community located in Southern Oregon.
M&T RCC financed 75% of the project cost with a the 1-year, interest only, adjustable-rate loan. The bridge loan was required to meet the Borrower’s acquisition timing needs. M&T RCC utilized the same 3rd
party reports for both the bridge loan and the HUD application, which will be submitted to HUD shortly after the bridge loan closing.
The bridge loan will also allow for the new owner to invest $600,000 of capital improvements into the building prior to the HUD closing. The planned improvements include roof work, an improved call system, new carpet, flooring, paint and artwork throughout the building, elevator improvements, new commercial laundry equipment and additional improvements to bring the building to full FHA/ADA compliance.
Managing Director Steve Muth of M&T Realty Capital Corporation’s Richmond, VA office led the bridge loan closing and is also leading the HUD refinancing.
M&T Realty Capital Corporation is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial real estate, including multifamily, healthcare facilities, office, industrial, retail, and student, senior, and military housing. For more information on financing opportunities, please call us at 1-800-737-2344 or request a loan quote
All loans and all terms referenced herein are subject to receipt of a complete application,
All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.
credit approval, and other conditions.