Saints Joachim & Anne Nursing & Rehabilitation Center $17,800,000 FHA-Insured Mortgage Loan
June 30, 2015
Cain Brothers Funding, LLC, the mortgage banking affiliate of Cain Brothers, arranged a $17,800,000 mortgage loan on behalf of Saints Joachim and Anne Nursing & Rehabilitation Center, a 200-bed skilled nursing center, located in Brooklyn NY, and owned by Catholic Charities of Brooklyn and Queens.
The purpose of the loan was to refinance existing commercial bank and tax-exempt bond indebtedness to a lower rate while maintaining flexibility for the borrower to repay the mortgage after one year. Being located in Coney Island presented additional environmental underwriting challenges as the facility was directly affected by super storm Sandy.
Utilizing the FHA 232-223(f) FHA mortgage insurance program Cain Brothers Funding was able to obtain, on behalf of SS Joachim & Anne Nursing & Rehabilitation Center, a commitment for insurance that enabled the Center to obtain substantial operational relief as a result of the annual cashflow relief of over $440k. The loan was structured to allow SS Joachim and Anne Nursing & Rehabilitation Center the ability to prepay the loan after one year.
Cain Brothers Funding LLC is an FHA-licensed mortgage lender, providing FHA-insured financing to clients. FHA-insured mortgages provide low cost, fixed rate, non-recourse financing for new or existing acute and long-term health care facilities.
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