HUD insured loan is part of the Section 232 program
Jewish Association Serving the Aging has secured $50 million from Orix Real Estate Capital to refinance a senior-living facility at 200 East Fifth Street. The East Village complex spans 110,000 square feet, and contains 150 units.
Loan is insured by HUD… The Section 232 program allows for loans with a term of 35 years, and LTV ratios as high as 90 percent for nonprofit sponsors, according to CO.
Broader perspective: As Baby Boomers age, demand for senior housing will continue to increase. Some contend that the sector will prove resistant to the normal boom-and-bust cycle.