Eastern Mortgage Capital originated a nearly $10.34 million Federal Housing Administration-backed commercial refinance mortgage for the Cortland Place Health Center in Greenville, R.I.
The center is a 167-bed skilled nursing and assisted living facility. The loan is insured under the FHA Section 232/223(a)7 program, which provides refinanced debt for facilitates more than three years old that specialize in supportive care and housing for the frail elderly.
With the new financing, the center plans to reduce its annual debt service, retire notes dating back to its construction in 1997, and make modifications to the facility. FHA Section 232 loans can be used to purchase, refi, construct, or rehabilitate buildings.
Eastern Mortgage Capital is a subsidiary of Boston-based Eastern Bank.
