CMI has successfully refinanced a senior living campus located in Grove, Oklahoma comprised of Grandwood Assisted Living and Grand Lakes Independent Living. The loan was funded through HUD’s FHA Section 232/223(f) Insurance Program, providing a 35-year, fully-amortizing, fixed rate and non-recourse loan. The FHA-insured loan refinanced a bridge loan from a bank that Mark Tran, Vice President of Production at CMI, secured for his client.
Reggie Herring and Mary Yount of MLC Consulting developed and opened the first building on the Grove campus in 2006. The senior living community has grown in size and scope over the years and has become a beloved fixture in this vacation area.
Ms. Herring commented, “Although we started this process during a challenging time in 2020 when lenders were more cautious, Centennial’s team successfully guided us in restructuring our capital stack. Fortunately, Mark Tran led us every step of the way, from securing and negotiating a bridge loan to closing the HUD loan.”
Mark Tran praised the MLC Consulting partners, “Unsurprisingly, the pandemic caused significant challenges during the processing of their HUD loan but they powered through to achieve their goals. I cannot imagine having clients who are more patient and hard-working than Reggie and Mary.”
CMI is a direct FHA lender offering the full array of FHA-insured financing for multifamily, senior living, and healthcare.
- Project Name Grandwood Assisted Living
- Project Location Grove, OK
- Loan Amount $11,690,000
- Originator Mark Tran