Closings

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223 (a) 7 Refinance

$30,307,000
Refinance saved clients $779,000
35 Year
Non Recourse

Bedford Lending provided financing for a client to refinance their 239 bed assisted living facility. The $30,307,000 loan paid off an existing HUD loan and lowered the interest rate from 7.75% to 5.35% resulting in annual debt service savings of over $779,000. The new loan was structured with a 35 year, fixed rate is non-recourse loan.

33 Bed Rehab Facility

$14,000,000 HUD 232 Loan
40 Year Term
Non Recourse
50 Year Land Lease

Bedford Lending funded a $14,000,000 loan to construct a new 33 bed acute rehab facility in the Northeast. The 12 month construction loan will convert to a 40 year permanent mortgage. The loan structure offered the following benefits :(i) 40 Year Fixed Rate, (ii) assumable feature (iii) non recourse and (iv) future secondary financing option available. The property will be built on a redeveloped military base which resulted in extensive negotiations for the 50 year land lease. The facility will provide critical care for both area hospitals as well as returning injured war veterans.

Nursing Home / ALF Construction & Permanent Loan

$9,400,000 HUD 232 Loan
40 Year Term
52 ALF Addition
120 Bed Nursing Home

Our client's private SNF census was declining due to the opening of several newer long-term care facilities. Our client knew an expansion and renovation was key in order to retain and attract private pay census. Bedford Lending conducted a financial feasibility modeling session that supported the renovation and ALF addition. We then helped our client interview and engage the market study provider, appraiser, contractor, architect and a project manager/development advisor. Bedford Lending funded a 40 year construction to permanent loan, under HUD's 232 program that paid off the bank and allowed for renovations to the nursing facility and a 52 bed assisted living addition.

Nursing Home Refinance

$3,300,000 HUD Loan
35 Year Term
4.95% Fixed Rate
$12,000 Monthly Savings

Bedford Lending provided financing for a client to refinance their 90 bed nursing facility. The $3.3M loan paid off the bank loan and funded capital improvements. The loan lowered the interest rate from 8.75% to 4.95% and extended the term from 15 to 35 years, resulting in a $12,000 monthly saving in mortgage payments. The new loan is non-recourse and has an assumable feature which will allow the owner to transfer the property to their children in the coming years.

100% A.L.F. FINANCING

$4,275,000 HUD Loan
90% LTV
Non-Recourse
40 Year Term

Bedford Lending was engaged to: (i) complete due diligence (ii) develop an optimal funding solution (iii) evaluate construction costs and (iv) assist the client in securing a $475,000 Community Grant which was needed to bridge the equity requirement. BLC worked closely with the Housing Agency and was instrumental in securing the community grant. In addition, we recommended using modular construction, which saved the client an estimated $300,000.

Results: Bedford Lending processed and funded a 40-year, non-recourse 90% construction to permanent mortgage. Between the grant and HUD financing the loan structure provided 100% financing and the borrower was only responsible for funding the working capital and initial operating deficit.

80 BED ALZHEIMERS FACILITY

$6,200,000 HUD 232
90% LTV
Non-Recourse
40 Year Term

A successful nursing home operator, with two facilities, wanted to expand into the assisted living market. Our assessment... he didn't fully understand many of the critical strategic business issues, niche market opportunities, development issues, and financial options. Bedford Lending researched the long-term care market for niche opportunities, modeled the creation of a new Alzheimer's facility and prepared an analysis detailing all the financing options.

Results: Bedford assembled the development team and financed the loan with a 232 HUD loan. The loan was structured with a 40 year, fully amortizing non- recourse note.

I engaged Bedford Lending to develop finance and tax credit strategies for a 180 unit mill renovation. They developed a strategy which combined their HUD loan progam with Federal and State Tax Credits and a CBDG grant. Their knowledge and execution to details was impressive and I will use BLC many times in the future. "

- Bob P., Owner

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