Hospital Reposition
$9,100,00 HUD/Tax Exempt Bond
95% LTV
Non Recourse
40 Year Term

A client constructed a new $26,000,000 hospital with bond financing and needed a strategy to reposition their old hospital located 5 miles from the new facility. Bedford Lending was engaged to develop a finance solution and worked closely with a market specialist to indentify the highest and best use for the building. The property was renovated into an assisted living and memory impaired facility and receives referalls from the sister hospital.

Results: Bedford Lending underwrote and funded a HUD loan which credit enhanced a tax exempt bond. The loan was structured with a 40 year, fully amortizing non-recourse note and provided 95% financing.

Hospital Closings

Rehab Facility Refinance

$21,000,000 HUD Loan
25 Year Fixed Rate
Non Recourse
80% LTV

Bedford Lending was engaged to refinance an 80 bed rehab hospital. The HUD loan paid off a $17,000,000 REIT loan and established a $4,000,000 reserve for future improvements. The loan lowered the interest rate from 9% to 5.8% and extended the amortization to 25 years, resulting in a substantial monthly savings. The facility is now positioned for success.