HFC is pleased to announce the closing of a refinancing of Willow Ridge for Runk & Pratt Senior Services in Lynchburg, VA. HFC sourced the lender on this transaction as well as assisting with negotiation of terms and the closing process. Proceeds from this loan were used to refinance the original loan used for the property’s acquisition in July 2024 while also repaying a seller note, reimbursing Runk & Pratt for substantial renovation costs incurred since acquisition, as well as providing additional capital for general corporate purposes.
This financing has a floating rate of SOFR + 250bps, with no prepayment penalty or interest rate protection, giving Runk & Pratt’s management flexibility to pursue permanent financing when its most advantageous for them. Its interest only feature reduces debt service obligations in the initial 18 months of the loan.
For more information about Willow Ridge and Runk & Pratt Senior Services, click Here or go to www.runkandpratt.com