News & Insights

Berkeley Point Capital Provides $8.4M HUD Refinancings in Ohio for three Nursing Homes

August 22, 2017

Bethesda, MD – Berkeley Point Capital recently completed three HUD 232/223(f) refinancings of nursing homes for JAG Healthcare Group, Inc. of Rocky River, OH. The refinancing’s consisted of:

– Burbank Parke Care Center ($6,000,000) a 86 bed five star CMS rated facility located in Wayne County
– Shelby Pointe($1,400,000) a 46 bed five star CMS rated facility located in Richland County
– Galion Pointe ($1,000,000) a 45 bed five star CMS rated facility located in Crawford County

The $8.4m in financings closed on August 3rd and was securitized with Ginnie Mae for 30- 35-year fully amortizing terms at interest rates in the mid 3.00% range.

Frank Cassidy, Vice President at Berkeley Point Capital, led the refinancing out of the Philadelphia, PA office. Frank has worked extensively with the principals of JAG Healthcare over the last year to provide them with long-term, low-rate, self-amortizing, non-recourse financing utilizing HUD’s 232/ 223(f) refinance program.

Jim Griffiths, President  & CEO of JAG Healthcare stated, “This is our eighth HUD closing in a little over a year with Frank and his team. We are pleased and impressed with their ability to navigate the ins and outs of the HUD 232 program. The HUD program has allowed us to lock up great long term financing so that we can focus on what we do best- running our nursing homes.” Frank Cassidy, VP at Berkeley Pointe elaborated, “The LEAN group at HUD continues to pump out commitments and the 232 program has become a great resource for borrowers looking to lock up great financing so they can focus on running their buildings and providing great quality of care to their residents. We are pleased to have partnered with JAG Healthcare on three more successful HUD closings.”

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for further information contact: 
origination: Frank Cassidy, Vice President
215.327.1406 | frank.cassidy@berkpoint.com

business: Corey Debnam Cooper, Managing Director
617.722.5057 | Corey.Debnam-Cooper@berkpoint.com

media: Stacey Link, Marketing
617.722.5015 | stacey.link@berkpoint.com

about berkeley point capital
Berkeley Point Capital LLC is one of the nation’s leading providers of multifamily capital solutions. The Firm boasts a 30 year history and a servicing portfolio of $58.2 billion representing in excess of 3,300 loans in 49 states. A top five Fannie Mae and Freddie Mac Lender, Berkeley Point offers a full complement of GSE, FHA, Life Company and Conduit products.

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