M&T Realty Capital Corporation®
has closed a $7,106,600 FHA-insured loan for the refinance of a 73-unit assisted living facility located in Farmington, CT. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(a)(7) program.
The refinancing lowered the borrower’s interest rate, recast the amortization, and significantly reduced their annual replacement reserve contribution. All told, the refinancing with M&T will save the borrower over $110,000 in annual cash flow savings.
The transaction was led by FHA/HUD Program Manager Paula Quigley and Managing Director Steve Muth of M&T Realty Capital Corporation’s Baltimore, MD and Richmond, VA offices, respectfully.
HUD’s Section 232 program provides mortgage insurance for residential care facilities such as assisted living facilities, nursing homes, intermediate care facilities, and board and care homes. The Section 232 program is administered by the Office of Residential Care Facilities (ORCF) within the Office of Healthcare Programs.
As one of the nation’s leading firms providing FHA-insured mortgages, M&T Realty Capital Corporation provides financing under a variety of HUD’s programs
. These include financing for the construction or substantial renovation of rental housing (pursuant to Section 221(d)(4)); the purchase or refinancing of existing multifamily housing projects (pursuant to Section 223(f)); skilled nursing or assisted living facilities (pursuant to Section 232/223(f)); hospitals (pursuant to Section 242) and secondary debt (pursuant to Section 241). For specific loan information on these programs, please call Jim Schneider 206-816-9797 or request a loan quote
All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions.