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Illinois HUD 232 Refinance
MIG arranged a nonrecourse HUD 232 loan for a distressed Illinois SNF borrower.
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Overview
MIG was engaged by a distressed client seeking a debt solution. At the time of engagement, the borrower was tied to a regional lender with an adjustable rate mortgage that had its first rate reset in late 2023. As a result, the client needed to secure a longer term financing solution that also accommodated a nonrecourse structure.
Results
MIG analyzed the deal profile and presented the client with several potential paths. The recommended approach was to pursue HUD 232 financing, which supports the required nonrecourse structure while offering some of the lowest interest rates available. MIG then engaged a trusted, licensed HUD lender to advance the transaction.
Conclusion
The HUD loan totaled $12,297,550 and carried a 5.41% interest rate. This transaction highlights MIG’s ability to evaluate available debt options, provide clear recommendations, and execute effectively. Notably, this direct HUD transaction, along with others, was completed with no brokerage cost to the client.
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