Case Studies

Skilled Nursing Facility in Illinois

Transaction Type: HUD 232/223(F)

Features & Benefits:

• Strategically lowered the leverage to accelerate execution
• One of first deals to qualify and close through HUD’s express lane program
• 8 days from Application Submission to Firm Commitment (vs. 60-120 days traditionally)
• 71 days from Application to Closing (vs. 4-6 months for standard HUD)

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Skilled nursing facility in Connecticut

Transaction Type: bridge to HUD financing

Features & Benefits:

• Structured bridge financing to facilitate a future HUD takeout
• ~$22,000,000 cash out 2 years after acquisition
• Recapitalized additional funds in order to allow for necessary seasoning prior to HUD takeout

Philadelphia Multifamily Refinance

Transaction Type: HUD 223(f)

Features & Benefits:

• Guided a first-time HUD borrower through the full HUD 223(f) process from application to closing
• Achieved approximately $600,000 of cash-out at refinance
• Successfully worked with the appraisal team to incorporate pro forma rents in the valuation
• Personally reviewed, organized, and reconciled extensive Home Depot and vendor receipts to substantiate historical capital expenditures, enabling HUD approval of required CapEx and supporting valuation

Arizona Self Storage Portfolio Refinance

Transaction Type: CMBS

Features & Benefits:

• CSA successfully refinanced a portfolio of self-storage facilities belonging to the largest owner of this asset class in this state.  
• The client previously had the fortune of working with the same lender for 20+ years.  
• The challenge was matching the client with a lender who would afford the client the same benefits they received from their prior longstanding lender.  
• CSA was able to arrange financing with a “transactional“ lender while providing terms and communication typically only seen from “relationship” lenders.    

166 pad mobile home park refinance in New Mexico

Transaction Type: CMBS

Features & Benefits:

• Successfully refinanced our client’s mobile home park into a conduit product.  
• Our client’s previous loans were all executed by local lenders.  CSA successfully navigated him through a complex process resulting in a large cash out, opening the door for future opportunities for our client.  
• Our “extra mile” work included updating our clients bookkeeping system while assembling his historical P&L’s from receipts and bank statements while also taking a hands on approach in his conversion to city water hookup from well water.

Refinance-  363 Bed Assisted Living Facility, Staten Island, NY

Transaction Type: HUD 232/223(F)

Features & Benefits:

• 363-bed Assisted Living Facility comprised of 200 Assisted Living Program (ALP) beds, 67 Assisted Living Residence (ALR) beds, and 96 Memory Care beds
• Coordinated closely with the client to document and scope significant pre-HUD renovations, ensuring completed work remained below HUD’s substantial rehabilitation threshold and avoided triggering a 221(d)(4) loan
• Strategically timed HUD submission while the memory care component was in the process of stabilizing, balancing occupancy growth with underwriting requirements
• Achieved the client’s targeted valuation by clearly demonstrating recent operating trends, including incremental memory care revenue growth and broader market support

Portfolio Refinance- 5 Skilled nursing facilities, Massachusetts

Transaction Type: HUD 232/223(F)

Features & Benefits:

• Client originally acquired a seven-facility skilled nursing portfolio in Massachusetts; within two years, we strategically segmented five facilities from the original acquisition loan and successfully refinanced each through HUD on an individual basis
• Worked closely with the client and lender to accurately allocate and reconcile existing debt balances across each facility, which had previously been bundled into a single loan structure
• Coordinated extensive third-party and regulatory requirements, including local radon testing, above-ground storage tank certifications, and collaboration with municipal officials to document fire code compliance and zoning requirements

Refinance - 130 bed Skilled Nursing Facility, Connecticut

Transaction Type: HUD 232/223(F)

Features & Benefits:

• Refinanced a 130-bed skilled nursing facility approximately three years following acquisition
• At acquisition, the facility was operating at an annual loss of nearly $2,000,000
• Worked closely with the client to document and present a successful operational turnaround, assembling a comprehensive HUD submission that clearly substantiated improved performance and recent operating trends
• Achieved long-term, HUD-insured financing that stabilized the capital structure and positioned the facility for continued success

New Jersey substance abuse treatment facility with associated housing  

Transaction Type: Acquisition financing through local bank

Features & Benefits:

• Secured long-term acquisition financing for the conversion of an empty office building into an outpatient substance abuse treatment facility, along with three satellite residential properties used for patient housing
• Worked closely with the lender to educate and underwrite a specialized asset class, including services offered, regulatory considerations, stabilization timeline, and marketing strategy
• Established a new local banking relationship for the client, creating a foundation for future financing needs
• Coordinated with the appraiser to ensure a proper valuation framework, addressing common misclassification issues where treatment facilities are incorrectly compared to standard medical office buildings

224-bed senior living community- Gut Rehab construction, NY    

Transaction Type: C-PACE Financing (Layered with Senior Construction Loan)

Features & Benefits:

• Structured a C-PACE loan alongside a senior bank construction loan. C-PACE (Commercial Property Assessed Clean Energy) financing provides long-term, fixed-rate funding for eligible energy-efficiency and sustainability improvements and is repaid through a property tax assessment, allowing it to be layered without diluting equity
• Increased the overall construction capital stack, reducing the amount of traditional senior debt and equity required
• Worked closely with the client and general contractor to analyze the construction budget and identify qualifying “green” components, ensuring the project met C-PACE eligibility requirements while maintaining overall cost discipline