Capital One Bank Closes $14.6 Million FHA Loan to Refinance Palm Beach-Area Assisted Living Facility

Carolyn Whatley

BETHESDA, MD, JUNE 30, 2014 – Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, announced today that it has provided a $14.6 million HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living facility in Tequesta, Florida. 

The transaction was originated by Carolyn Whatley, Senior Vice President of originations, headquartered in the company’s Palm Beach office.  Tequesta Terrace is owned by Terrace Communities, which  also owns assisted living communities in Vermont, New Hampshire, Maine, and Florida.

“At Capital One, we first develop an  insightful understanding of our borrowers’ business objectives and goals for their properties,” Whatley says. 

“We then develop financing alternatives that meet their requirements in different ways.  Whenever possible, we want to offer alternatives.”  In this case, Whatley and her team presented the borrowers with various structures.

“After weighing the options, the partners chose HUD’s refinance program because it fits well with their strategy as long-term holders of the property.

" At the same time, the loan is assumable and can be prepaid, so it provides flexibility in the event their goals change.

“We are a Fannie Mae DUS® lender, a Freddie Mac Program Plus® lender and a MAP- and LEAN-approved HUD lender,” Whatley adds. 

“These programs, together with the bank products, make it possible for us to offer clients a broad array of  alternatives.”  

The transaction was financed under the HUD 232/223(f) program and was underwritten under the LEAN process.

Tequesta Terrace, Tequesta, FL

In addition to Tequesta Terrace, Capital One Multifamily is refinancing two other properties owned by Terrace Communities, both located in New Hampshire.

  Kate Heaton,  a partner of Tequesta Terrace, praised the group for the ease with which they handled all three transactions simultaneously. 

“The members of the Capital One team are consummate professionals, responsive and always accessible.  During the process, it seemed as though they are always working at most any time, day or night,” she says.  “At every turn, they went the extra mile to ensure our requests were met, providing for a most positive experience.”

  

For a complete copy of the company’s news release, please contact:

Courtney Lewis at 240-507-1948 or Jenifer Bernardi at 240-507-1946.