TEQUESTA, FL—Terrace Communities has secured a$14.6-million loan to refinance its TequestaTerrace assisted living facility here.
The deal was announced by Capital One SpecialtyHealthcare Real Estate, which provided the HUD 232/223(f)loan to refinance the 100-bed assisted living facility. Thetransaction was originated by Carolyn Whatley,senior vice president of originations, headquartered in CapitalOne's Palm Beach office. The non-recourse, fixed-rate loan has a35-year fully amortizing term, and is underwritten to an 80% loanto value.
Whatley says that after weighing the options, the partners choseHUD's refinance program because it fits well with their strategy aslong-term holders of the property. The loan is also assumable andcan be prepaid, so it provides flexibility in the event their goalschange, she adds.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
