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January 7, 2021

M&T provides $3M HUD loan for nursing home

Schneider

Roach

M&T Realty Capital Corporation announced that it last fall secured a refinancing loan for the St. Anne Nursing & Rehabilitation Center, in the Meadowbrook neighborhood in North Seattle. The approximately $3.1 million was secured via the national mortgage insurance program (Section 232) of the U.S. Department of Housing and Urban Development. The non-recourse loan carries a fixed rate of 2.68%, with a fully amortizing loan term. The funding was secured by Madeleine Roach and Jim Schneider; the latter said in a statement, “We are thrilled to see this product work so well locally. We will see many more HUD-insured seniors housing and market-rate multifamily debt being placed in Seattle. Said Roach, “We initiated this transaction shortly after COVID-19 broke out in Kirkland, and had concerns about the risks associated with the pandemic. Our team worked closely with HUD and with the borrower to design strong mitigants to the perceived risks.” The 47-bed facility dates to 1954; St. Anne acquired it 20 years ago.




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