Hudson Realty Capital's New Bridge Lending Program Aids Seniors Housing
It anticipates $300 million to $400 million to be available in the next 18-24 months.
A new healthcare bridge lending vehicle from Hudson Realty Capital is expected to help fill the gap for skilled nursing, independent living, assisted living and memory care properties nationwide, according to a company release.
Hudson Realty Capital anticipates $300 million to $400 million to be available for lending in the next 18 to 24 months through the new vehicle.
Richard Ortiz, Hudson’s Co-Founder and Managing Partner, said in prepared remarks, “With disruptions in the market during the past couple of years creating new opportunities for boutique lenders, we’re thrilled to [be able to step in to provide this].”
Hudson Realty Capital is targeting loans of $15M to $50M with terms up to 36 months with a maximum loan to value ratio of 80%. Conventional and FHA/HUD Loans are available for healthcare and senior housing properties.
This announcement follow’s Hudson’s recent addition of FHA/HUD originators – Managing Director Justin Elshire and Vice President Alex Loo.
In October 2021, Hudson Realty Capital originated two bridge loans aggregating $37.75 million secured by two senior living and memory care properties located in Lake Worth, Fla., and Tulsa, Oklahoma.
Proceeds from Hudson’s financings for the sponsor, Columbia Pacific Advisors, are being used to refinance these senior living and memory care properties’ existing debt.