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M&R Health Care Team Closes Significant Refinance of Rehabilitation Center

August 23, 2016

On August 16, 2016, M&R Health Care Transactional attorneys, Mark Zafrin and Mark Frimmel, closed on the refinance of a major New York rehabilitation and health care center. The transaction consisted of a $23,240,000 mortgage insured by the Department of Housing and Urban Development (HUD). Having counseled the client regarding this property since March 2010 with the initial purchase of the 240-bed facility, and following two prior refinances and a workout of the original purchase money financing, we helped the client obtain a 35 year self-amortizing HUD mortgage with no personal guarantees and, most notably, a return of a substantial portion of the client’s original equity.