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NORTH AURORA, Ill. — Capital One has provided a $23.4 million HUD refinancing for a supportive living community and a skilled nursing facility, both located in North Aurora, approximately 40 miles west of Chicago.
Supportive living is an Illinois program that allows government reimbursement for assisted living services that would normally only be available for private-pay residents.
Although the borrower and specific facilities were not disclosed, the supportive living community was formerly a Hilton Hotel that was converted to seniors housing in 1989. The skilled nursing facility features 298 beds and was opened in 2013.
The loan features a 35-year term and a fixed rate. Joshua Rosen originated the transaction for Capital One.