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TUCSON, Ariz. — Capital One has provided a $20.8 million loan for the refinancing of a seniors housing community in Tucson.
The facility opened in 1964, with additions added in 1977 and 1990. It currently features 24 independent living units, 19 assisted living units and 270 skilled nursing beds distributed across 132 units, making it one of the largest facilities in the Tucson area.
The fixed-rate HUD 232/223(f) loan will replace bank debt with low-rate, long-term financing, allowing the owner-operators to recoup capital expenditures and retire partner debt.
The operators have invested in newly redesigned therapy center and are installing LED lighting to reduce energy consumption.