Portfolio of Skilled Nursing Facilities Receives HUD Financing
Senior and long-term care management company Madison Creek Partners, has received $16,408,000 in financing for three skilled nursing facilities in central Colorado. The portfolio is comprised of Pioneer Health Care Center, a 29-unit facility in Rocky Ford, Paonia Care & Rehabilitation, a 28-unit facility in Paonia, and Glenwood Springs Health Care, a 29-unit facility in Glenwood Springs.
Walker & Dunlop Managing Director, Kevin Giusti, led the origination team, which has extensive experience with senior housing and skilled nursing facilities across the country. Leveraging their knowledge of the U.S.Department of Housing and Urban Development (HUD) lending platform, the Walker & Dunlop team utilized HUD’s LEAN 232/233(f) refinance program, which provides long-term and reduced-rate financing for specialty healthcare facilities. The HUD proceeds were used to refinance existing third-party debt on the properties, as well as recoup partner debt to fund capital improvements on each of the facilities.
Renovated in 1964, Pioneer Health Care Center is a 29-unit/99-bed facility and is the only Veterans Affairs (VA)-contracted facility within 80 miles of the area. Paonia Health Care Center is a 28-unit/56-bed skilled nursing and memory care facility built in 1984. Paonia Health Care is the only facility in the Town of Paonia and is the only skilled nursing facility within 22 miles. Lastly, Glenwood Springs Health Care is a 29-unit/54-bed facility and the sole of its kind in the area. It is located less than a mile from its local medical center, Valley View Hospital.
Walker & Dunlop ranked as the 3rd largest HUD lender in 2019 based on MAP initial endorsements, closing over $94 million of seniors housing and healthcare transactions.