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Beech St. Closes Loan Under New HUD Rules

CHICAGO—The federal government has a new set of rules that should help healthcare facilities in states slow to pay Medicaid bills get needed loans.

By Brian J. Rogal | Updated on March 03, 2014

CHICAGO—After negotiations lasting months, HUD has just published its new Intercreditor Agreement, which will govern the relationship between senior living providers, accounts receivable lenders and FHA lenders, and Beech Street Capital has just provided the first HUD loan under these new rules.

“Until this new version of the agreement got approved, it was very unlikely a deal would get done,” Josh Rosen, a Chicago-based senior vice president of Beech Street, tells GlobeSt.com. He just originated a $23.1 million HUD 232/223(f) loan to refinance Lake Shore HealthCare and Rehabilitation Centre, a 281-bed skilled nursing facility in Chicago.

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