Housing & Healthcare Finance Closes on HUD Loan for Tryko Facility in PA
The Washington, D.C.-based Housing & Healthcare Finance closed on a 232/223(f) Department of Housing and Urban Development (HUD) loan for New Eastwood Healthcare & Rehabilitation Center.
The 97-bed skilled nursing facility in eastern Pennsylvania is owned by Tryko Partners, which acquired it in 2013. It has had occupancy in the high 90% range, according to a press release announcing the loan.
Tryko used the loan to refinance its existing debt with long-term, fixed rate financing, as well as to fund repairs and capital expenditures.
Lancaster Pollard Closes Refi of Indiana Facility
Lancaster Pollard closed a refinance through the 232/223(f) program for the Aspen Trace skilled nursing and assisted living (AL) facility in Greenwood, Ind., owned by CarDon & Associates, Inc.
The transaction financed all outstanding debt and internal debt that CarDon had used to fund the construction of 31 AL units, which were added in January of this year.
The facility now has a total of 67 AL units and 104 skilled nursing beds.
The transaction locked in a favorable long-term fixed rate — more than 30 basis points lower than the previous blended rate, according to a press release announcing the refinancing.
Green House-Model SNF to Open in Little Rock, Arkansas
A new SNF based on the Green House model is scheduled to open in Little Rock, Ark., this fall. The Green House Cottages of Poplar Grove is the first facility in central Arkansas based on that model, according to a release announcing the project.
The SNF will have a 1-to-4 direct care staff ratio in a small cottage environment with a maximum of 12 residents, and will create more than 140 new jobs.
Written by Maggie Flynn