PARK RIDGE, Ill. — Capital One has provided a $15.1 million loan to refinance Avantara Park Ridge, a 154-bed assisted living facility in Park Ridge, a suburb of Chicago.
Since purchasing Avantara in 2014, the undisclosed borrowers have extensively renovated the facility, which has a five-star Medicare rating.
Joshua Rosen of Capital One arranged the fixed-rate, HUD 232/223(f) loan.
“The substantial additional cash flow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” says Rosen. “The borrowers are benefiting both from a lower fixed rate and an extended amortization period, which in the case of this loan is 35 years.”