"This portfolio refinancing navigated complex issues that required a “team effort” by Ziegler, Extendicare, and the respective legal advisors to get the transaction successfully completed on a very timely basis.”
Chicago, IL (PRWEB) May 02, 2013
Ziegler Financing Corporation (ZFC), the FHA-insured mortgage lending arm of Ziegler, is pleased to announce the successful closing of the $37,653,300 portfolio refinancing of six skilled nursing facilities, owned and operated by Extendicare Health Services, Inc. (Extendicare). Extendicare is the U.S. subsidiary of Extendicare, Inc. (TSX: EXE), which operates 150 senior care facilities nationwide. ZFC assisted Extendicare with the refinancing of their existing facilities located in Michigan, Minnesota, and Wisconsin, utilizing FHA’s refinancing program under Section 232/223(f).
“The Tranche D portfolio refinancing represents another step in Extendicare’s utilization of the HUD 232 LEAN program to take advantage of the historically low, fixed interest rates in the market,” said Bill Mulligan, President of ZFC. “This portfolio refinancing navigated complex issues that required a “team effort” by Ziegler, Extendicare, and the respective legal advisors to get the transaction successfully completed on a very timely basis.” ZFC closed over $136 million (par amount) of FHA-insured loans in 2010, 2011 and 2012 on behalf of Extendicare. The previous Extendicare nursing facilities ZFC processed were located in seven states: Delaware, Idaho, Indiana, Pennsylvania, Kentucky, Washington, and Wisconsin. Extendicare’s HUD-financed centers will be subject to a Master Lease, which is a HUD portfolio requirement.
ZFC has a dedicated team of FHA-insured financing professionals serving the for-profit, not-for-profit, and community-based organizations to deliver high-leveraged, low-cost, fixed-rate debt through FHA-insured financing programs.
ZFC tailors financial products for not-for-profit, for-profit and government clients across the country. ZFC offers a broad product mix, including mortgage loans insured by the Federal Housing Administration for the acquisition, refinancing and mortgage add-ons of nursing homes, assisted living facilities, hospitals, and apartments. FHA financing programs for healthcare and multifamily housing are attractive financing alternatives for corporate sponsors, as well as large and small not-for-profit operators.
For more information about ZFC, please visit us at http://www.Ziegler.com/fha or contact Bill Mulligan directly at bmulligan(at)ziegler(dot)com.