TEXAS — Hunt Mortgage Group, a New York City-based lender, has provided $27.6 million in loans to refinance a portfolio of eight skilled nursing facilities in Texas.
The borrower is Senior Living Properties LLC, an owner-operator of 31 skilled nursing facilities in Texas totalin 841 licensed beds. Hunt closed the loans through HUD.
“Senior Living Properties came under new management in 2014 and the new leadership team has completed one of the best turn-arounds that I have ever seen, both operationally and clinically,” says Jim Neil, director at Hunt Mortgage Group.
Proceeds from the new loans will enable Senior Living Properties to refinance a temporary loan to permanent, fixed-rated loans, funding repairs and improvements to the properties.