$9,292,200 | Permanent Loan | Nursing Facility

Fantini & Gorga has placed $9,292,200 in permanent financing for a 140-bed skilled nursing facility in Woburn, MA. Since its founding in the 1950s, the center has more than tripled the facility’s number of available beds, and now offers short-term, long-term hospice & physical therapy services.

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.