SunTrust CRE Originates $13.2M HUD Refinancing for Community in Lynchburg, Virginia

LYNCHBURG, Va. — SunTrust Banks Inc. (NYSE: STI) has provided a $13.2 million HUD-insured refinancing for Runk & Pratt, a 57-unit assisted licing and memory care community in Lynchburg.

Runk & Pratt was built in 1978, converted to assisted living in 1996, and underwent significant renovations in 1998, 2003 and 2016. The community’s owner, also named Runk & Pratt, is an owner-operator with a portfolio of seniors housing communities throughout Southwest Virginia.

Joshua Hausfeld of SunTrust CRE Seniors Housing & Healthcare Finance originated the fixed-rate, non-recourse, fully amortized loan with a term of 35 years.