M&T Realty Capital Corporation has closed FHA-insured loans totaling $63,160,800 for the refinance of two skilled nursing facilities located in New Jersey. The loans were completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(f) program.
At 80% LTV, both of the 35-year, 3.35% fixed-rate loans are fully amortizing.
The transaction was led by Administrative Vice President Paula Quigley and Vice President Matthew Pipitone of M&T Realty Capital Corporation’s Baltimore office in collaboration with M&T Bank Middle Market relationship manager Maria Giamartino. Ms. Quigley also serves as the FHA/HUD program manager for M&T Realty Capital Corporation.
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. During HUD’s FY 2016, 306 firm commitments totaling $2.84 billion were issued under Section 232.
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 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, credit approval, and other conditions.