Bountiful Healthcare
Healthcare
Finance is available for acquisition, construction, substantial rehabilitation or refinance your existing debt on all types of healthcare properties through the FHA as well as our conventional lending partners. The types of facilities that we finance include:
• Skilled Nursing Facilities (Nursing Homes)
• Long Term Acute Care Facilities (LTACs)
• Intermediate Care Facilities
• Board and Care Homes
• Assisted Living Facilities
• Continuum of Care Retirement Communities (CCRCs)
• Hospitals and Surgery Centers
232 loans are for for new construction and substantial rehabilitation. They are fixed-rate and fully amortizing over their 40 year terms. During construction they require interest only, have a debt service coverage of 1.11 and a loan-to-cost of 90% of appraised value.
232/223(f) loans are for acquisition or refinance loans, have a fixed-rate fully amortizing over their 35 year terms. Debt service coverage ratios are 1.1765, the LTV is 85% of market value, as well as 100% of the transaction cost for a refinance and 85% of the transaction cost for a purchase transaction.
Conventional funding. Typical acquisition or refinancing loans here include short-term floating rate loans with interest only payments. Loan maturity will be in 2–3 years, plus several 1-year renewal options. Loan purposes might be acquisition or refinance of single assets or multiple property portfolios, provide bridge financing or carry a property through final lease-up. Fixed-rate loans have maturities of 5-, 7- or 10- years and 25- to 30-year amortization schedules. Lenders limit loan size to between 75% and 85% of market value and require debt service coverage of 1.35 or greater.
Recent MAP lender loans.
| Project | Location | L/A ($000) | Program |
| Dogwood Forest | Sandy Springs, GA | $7,958 | 232/223(f) LEAN |
| Durham-Hensley Health & Rehab | Chuckey, TN | $3,827 | 232/223(f) |
| Ivy Hall Nursing Home | Elizabethton, TN | $1,817 | 241(a) |
| Grandhaven Living Center | Lansing, MI | $6,981 | 232/223(f) LEAN |
| Richfield Care Center | Richfield, UT | $1,260 | 241(a) |
| St. Elizabeth Care Center | St. Elizabeth, MO | $2,193 | 232/223(f) LEAN |
| Christian Care Home | Ferguson, MO | $15,295 | 232/221(d)(4) |
| Willow Creek Retirement Center | Jackson, MS | $6,858 | 232/223(f) LEAN |
| Vineyard Court Nursing Center | Columbus, MS | $1,923 | 232/223(f) LEAN |
| River Place Nursing Center | Amory, MS | $5,263 | 232/223(f) LEAN |
| Nichols Center | Madison, MS | $5,109 | 232/223(f) LEAN |
| Carrington Nursing Center | Starkville, MS | $4,633 | 232/223(f) LEAN |
| Meadow Glen of Leesburg | Leesburg, VA | $5,560 | 232/223(f) LEAN |
| Summerville at Valley View | Garden Grove, CA | 3,385 | Conventional |
| Summerville at Tarzana | Los Angeles, CA | 2,850 | Conventional |
| Railside Living Center | Byron Center, MI | 5,418 | 232/223(f) LEAN |
| Appledorn Living Center III | Holland, MI | $3,925 | 241(a) |
| Gardiner Health Care Facility | Houlton, ME | $1,100 | 232/223(f) |
| Eden Heights of Eden | Eden, NY | $4,900 | 232/223(f) |
| The Cottages | Boise, ID | $11,467 | 232/223(f) |
| Villa at the Lake | Conneaut, OH | $6,512 | 232/223(f) LEAN |
| The Allegro at East Lake | Tarpon Springs, FL | $7,700 | Freddie Mac |
| Heritage Oaks Senior Housing | Tallahassee, FL | $17,000 | Freddie Mac |
| Governor's Village | Mayfield Village, OH | $4,963 | 232/223(f) |
| Wheatcrest Hills | Britton, SD | $1,977 | 232/223(f) |
| Garden Square of Greeley | Greeley, CO | $1,026 | 232/223(f) |
| Garden Square of Westlake | Greeley, CO | $3,396 | 232/223(f) |
| Golden Horizon Nursing Home | Erie, PA | $14,562 | Conventional |
| Crestfield Rehabilitation Center | Manchester, CT | $6,280 | Conventional |
| Egle Nursing Home | Lonaconing, MD | $2,414 | 232/223(f) |
| MS Portfolio(5 Nursing Home) | Mississippi | $22,762 | Conventional |
| Westview Nursing Home | Center, MO | $2,210 | 232/223(f) |
| Geer Nursing and Rehabilitation Cen. | Canaan, CT | $21,947 | 232/223(f) |
| Veranda/4 Seasons/Waterford Gard. | Georgia and Idaho | $16,370 | Conventional |
| Woodlawn Meadows ALF | Hastings, MI | $2,982 | 232/223(f) |
| Claibourne Hughes Health Cen. | Franklin, TN | $3,884 | 232/223(f) |
| AarenBrooke Place ALF | Boise, ID | $4,335 | 232/223(f) |
| Stonecrest Healthcare | Viburnum, MO | $1,870 | 232/223(f) |
| Pristine Pines Assisted Living | Sewickley/Wexford, PA | $13,000 | Conventional |
| Allegro at Fleming Island | Orange Park, FL | $8,500 | Conventional |
| Accolade at Fleming Island | Orange Park, FL | $11,500 | Conventional |
| Percy Village | Los Angeles, CA | $2,275 | Conventional |
| Rambling Oaks | Oklahoma | $12,900 | Conventional |
| Russell Park Manor | Lewiston, ME | $3,718 | 202/223(f) |
| NCR/Wingate Portfolio | Detroit, MI | $49,215 | LIHTC |
| Bella Vista ALF | Bella Vista, AR | $3,375 | 232/221(d)(4) |
| White Oaks Assisted Living | Lawton, MI | $2,810 | 232/223(f) |
| Geer Senior Housing Complex | Canaan, CT | $19,850 | Conventional |
| Good Neighbor Care- Eugene | Eugene, OR | $8,000 | Conventional |
| Schooner Estates | Auburn, ME | $10,807 | 232/223(f) |
| Allegro St. Augustine | St. Augustine, FL | $10,000 | Freddie Mac |
| Magnolia Gardens ALF | Toms River, N.J. | $8,058 | 232/223(f) |
| Silver Oak / 7 ALF | OK, TX, NB | $27,150 | Conventional |
| Terrace at Mountain Creek | Chattanooga, TN | $4,200 | Conventional |
| The Fountains | Troy, IL | $11,000 | Conventional |
| Runk & Platt-Forest Assist. Living | Lynchburg, VA | $4,102 | 232/223(f) |
| Heritage Oaks | Tallahassee, FL | $10,000 | Conventional |
| St. Joseph's Rehab | Harahan, LA | $5,372 | 232/223(f) |
| Allegro at East Lake | Tarpon Springs, FL | $7,650 | Conventional |
| Pheasant Ridge Assisted Living | Roanoke, VA | $7,990 | 232/223(f) |
| College Harbor | St. Petersburg, FL | $21,750 | Conventional |
| Countryside Lakes Assist. Living | Port Orange, FL | $8,000 | Conventional |
| Farmington Healthcare | Farmington, MI | $3,485 | 232/223(f) |
| Appledorn ALF | Holland, MI | $5,257 | 232/223(f) |
| Governor's Point | Mentor, Ohio | $2,621 | 223(f) |