NEW ORLEANS — PGIM Real Estate Finance has arranged a $10.7 million HUD loan to refinance St. Margaret’s Daughters Home, a nonprofit skilled nursing facility located in the Mid-City neighborhood of New Orleans.
St. Margaret’s Daughters Home was constructed in 2013 and sits on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. The $33 million construction of the new facility was initially financed using a complex capital stack of New Market Tax Credits (NMTC), Historic Tax Credits (HTC), OCD Loan Funds, FEMA grant money, bank loan funds and sponsor equity.
Through this refinancing, PGIM Real Estate Finance led the borrower in reducing and simplifying its existing debt, leaving a $10.7 million HUD loan in place.
St. Margaret’s Daughters Home features a total of 100 rooms designed for occupancy by up to 112 total residents. There are seven acute-care hospitals located within five miles of the property.
St. Margaret’s Daughters Home is home to Team Gleason House, one of only two advanced-technology centers — founded by New Orleans Saints football player Steve Gleason — in the U.S. with dedicated design features for patients with ALS.