Oppenheimer Provides Seven HUD Loans for Skilled Nursing Facilities in Ohio Totaling $30.3M

by Jeff Shaw

NORTH WALES, Pa. — Oppenheimer Multifamily Housing & Healthcare Finance, the FHA/HUD lending division of Oppenheimer & Co. based in North Wales, has closed refinancing loans for seven skilled nursing facilities in Ohio. The loans total approximately $30.3 million.

The first set of loans was for an Ohio-based ownership group. Oppenheimer closed a $7.6 million refinancing for Venetian Gardens, a 99-bed facility in Goshen, and a $9.5 million refinancing for Tuscany Gardens, a 123-bed facility in Pataskala. The HUD-insured loans with 35-year terms replace existing loans, reducing annual debt service.

The second set of loans was for five facilities owned and operated by JAG Healthcare Inc., based in Rocky River. JAG was a longtime operator of the assets, and purchased the real estate in September 2013. The HUD-insured loans, with fixed-rate terms between 30 and 35 years, replaced existing financing on the properties.

The five loans were for:

  • Country Pointe, Wooster, 42 beds, $1.4 million
  • Harding Pointe, Marion, 50 beds, $5.3 million
  • Marion Pointe, Marion, 45 beds, $3 million
  • Orville Pointe, Orville, 43 beds, $1.8 million
  • Union City Care Center, Union City, 47 beds, $1.7 million

Frank Cassidy, vice president at Oppenheimer, originated the loans.

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