Paragon’s $16M Skilled Nursing Refinance in Hollywood; $34M SNF Project Planned in Downtown Chicago

Paragon Mortgage late last month announced the successful completion of a $16.3 million refinance loan for All Saints Healthcare in North Hollywood, Calif.

The 128-bed skilled nursing facility now has permanent financing through the Department of Housing and Urban Development’s (HUD) 232/223 program, according to the Phoenix-based Paragon.

All Saints provides skilled nursing care to both adults and children, with speciality respiratory services among its offerings.

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“The refinancing of All Saints Healthcare is at an ideal time for a vital community health provider to recapitalize their debt at a much lower interest rate, while providing capital repair funding and improvements,” Kim Taynton, senior underwriter at Paragon, said in a statement announcing the deal.

Restorative Care Institute Plots $34.6M SNF Project

Restorative Care Institute has filed plans to convert a vacant office building into a $34.6 million skilled nursing facility in Chicago’s River North neighborhood, Crain’s Chicago Business reported Tuesday.

If approved, the operator will develop the former headquarters of the American Library Association into a 98-bed rehab center, according to the report. The price tag includes the $4.8 million cost of the building, as well as the addition of three new floors atop the structure, Crain’s reported.

Restorative Care Institute cited a general lack of new post-acute construction in Chicago in pitching the project, indicating an unmet need for 200 beds in the city.

“There has been very limited development of skilled nursing facilities in the city of Chicago in nearly 40 years, and no skilled nursing facility that provides the level of care proposed at the Restorative Care Institute,” the operator wrote in its request to convert the property, Crain’s reported.

Grandbridge’s $6.5M Refinance in Georgia

The Seniors Housing and Healthcare Finance Group at Grandbridge Real Estate Capital last week announced the closing of a $6,450,600 refinance loan for the Presbyterian Home & Retirement Community in Quitman, Ga.

The 204-bed facility features both skilled nursing and assisted living units; Grandbridge secured the loan through the 232/223 program, with the goal of lowering the interest rate on the property.

The Charlotte, N.C.-based Grandbridge is a subsidiary of Truist Bank, which formed in late 2019 with the merger of SunTrust Bank and BB&T. The company’s senior housing and care group claims a total of $8 billion in loans, sales, and advisory deals.


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