CBRE, through its FHA lending platform, announced today the successful refinancing of Heritage Assisted Living, a 79-unit residential care facility located at 45 Route 206 in Hammonton, New Jersey. The loan was funded through HUD’s Section 232/223(f) Program, providing a 35-year, fully-amortizing, fixed rate and non-recourse loan structure.
The loan will refinance existing debt and provide funds for moderate capital improvements to the project. In addition to refinancing the project’s 1st and 2nd mortgage, the FHA insured financing will also pay off an ownership note returning equity to the borrower.
Ed Zirbser, owner/operator of the project, said, “I attempted to refinance a couple years ago with a different HUD lender but they failed to get the proceeds promised. This time around, CBRE was successful in not only taking out my bank loan but also paying off the majority of an old personal loan to the property. The CBRE team made what was sometimes a complicated process into a manageable one.”
The financing of Heritage Assisted Living was originated by Nick Harris, vice president in CBRE’s Wayne, Pennsylvaniaoffice in partnership with Mark Tran, senior vice president and FHA originator in CBRE’s Columbus, Ohio office.
Mark Tran, FHA originator for the financing, said, “Working with Ed was truly a pleasure. He was an ideal client from start to finish. I am so happy that we were able to provide Ed with the peace of mind that a long-term, low fixed-rate, non-recourse loan can provide.”
CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue).The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide.CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.Please visit our website at www.cbre.us.
