BOSTON – Fantini & Gorga has placed $9,292,200 in permanent financing for Woburn Rehabilitation and Nursing Center, a 140-bed skilled nursing facility located in Woburn, MA.
“We were delighted to be able lock in today’s incredibly low rates for the next generation,” commented Tim O’Donnell, Principal of Fantini & Gorga. “This long-term, fixed-rate, non-recourse financing gives the facility’s operations stability for years to come, particularly given the ongoing challenges the industry faces due to COVID-19 impacts.”
The loan was placed with Fantini & Gorga’s correspondent Eastern Mortgage Capital, which structured the transaction using Section 232/223(a)7 mortgage insurance provided by the Federal Housing Administration (FHA). All FHA mortgage insurance programs offered by Eastern Mortgage Capital are non-recourse and do not require yield maintenance or defeasance prepayment penalties. These loans have no operating covenants that are typical for bank loans, either.