EAST HAVEN, CT-Beech Street Capital said Friday that it had arranged a $7.9-million FHA 223(a)(7) loan to refinance Apple Rehab's Laurel Woods Health Care Center, a 120-bed skilled nursing facility here. The transaction was originated by Josh Rosen, a Chicago-based EVP who heads the seniors housing and healthcare practice at Beech Street.

The borrower had 21 years left on an existing $9-million FHA loan. Beech Street was able to secure an increase in the loan term to 33 years, producing a decrease in annual payments of more than $270,000 with what the company calls a very significant reduction in interest.

Apple Rehab's CFO, Ryan Vess, calls Beech Street “an absolute pleasure to work with. We understand that term extensions are not frequently granted. We were thrilled when it came through.”

Beech Street expects to see more refinance activity in the seniors market in 2014. “With unemployment down and interest rates likely to rise further, anyone with a current HUD-insured mortgage should take the opportunity to refinance under Section HUD 223(a)(7),” Rosen says. “The savings in debt service are often considerable.”

Founded in the late 1970s as Apple Health Care, Avon-CT based Apple Rehab provides short-term rehabilitation services at 26 centers across Connecticut and Rhode Island.

Instant Insights /

Beech Street Lines Up Refi on CT Seniors Facility

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