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FHA 241 Insured
Ginnie Mae Loan |
| Skilled Nursing Facility Renovation |
InnoVative Capital's Role:
FHA Mortgage Banker |
Shorefront Geriatric Center
Brooklyn, NY |
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Senior Living Mortgage Lending
Financing stand alone and hospital-based senior living projects. |
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InnoVative Capital Senior Living Development Services
(FHA 232 Pre-Application and FHA 232 Application)
The senior living industry is comprised of both independent and corporately controlled facilities. Major companies own and operate ever-expanding portfolios of properties, while smaller organizations and hospital-managed facilities often feel crowded out of financing options. InnoVative Capital prides itself on serving the needs of community-based healthcare and senior living providers. InnoVative Capital assesses debt capacity at the beginning of each engagement to optimize project budgets, determine the viability of debt refinancings and establish required cash contributions and equity pledges. When budget gaps exist, InnoVative Capital can develop supplemental revenue sources and security enhancement in the form of tax support, grants and corporate investments.
+ InnoVative Capital Development Highlights
| Worked to obtain New York City permits for skilled nursing project delayed over four years prior to our engagement. |
| Generated financing Sources and Uses Statement for a start-up skilled nursing facility to determine initial equity and liquidity requirements, to be funded with subordinate debt. |
| Produced HUD-required management procedures and policies. |
| Assisted in the certificate of need process. |
| Set maximum project budget including modifications in scope. |
| Resized hospital loans to incorporate funding for improvements to senior living facilities. |
InnoVative Capital Senior Living Structuring Services
(FHA 232 Underwriting)
Upon receipt of HUD’s invitation to submit an FHA 232 mortgage insurance application, InnoVative Capital serves as the FHA team leader by directing the FHA underwriting process and project development. Throughout the underwriting process, InnoVative Capital is the borrower’s primary contact in directing all aspects of the financing, project and legal teams.
+ InnoVative Capital Structuring Highlights
| Negotiated a subordinated cash flow note to composite-fund the FHA required equity contribution for a start-up skilled nursing facility, increasing the debt to equity ratio to 100%. |
| Employed tax-exempt and taxable bonds to fund a skilled nursing project. |
| Provided renovation financing through an FHA 241 mortgage insured loan on a parity lien basis with outstanding non-callable municipal bonds. |
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Assisted in the development of economic impact studies. |
InnoVative Capital Senior Living Financing Services
(Issuance of the HUD Commitment, Financing and Closing the FHA 232 Mortgage Insured Loan)
InnoVative Capital works to optimize security pledges, financial and operational covenants and any required cash contributions. Upon the issuance of the HUD commitment, InnoVative Capital’s clients may employ a variety of financing structures.
+ InnoVative Capital Financing Highlights
| $7.7 million FHA 232 insured Ginnie Mae financing of a privately-owned start-up assisted living facility. |
| $3.5 million FHA 232 mortgage insured tax-exempt bond financing of a privately-operated start-up skilled nursing facility. |
| $6.9 million FHA 232 insured Ginnie Mae financing and refinancing of a nonprofit skilled nursing home. |
| $6.5 million FHA 241 insured Ginnie Mae renovation financing of a non-profit skilled nursing facility in Brooklyn, New York. |
| $31 million FHA 242 insured Ginnie Mae loan allocated proceeds for the modernization of a critical access hospital based skilled nursing facility. |
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Develop, Structure
& Finance |
| We manage the entire process |
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| “InnoVative Capital’s senior living underwriting expertise and familiarity with New York City codes and regulations was essential in obtaining the timely receipt of HUD’s FHA mortgage insurance commitment and completing the financing of our client’s long-overdue multimillion renovation project in Brooklyn.” |
Matthew P. Scanlon | Principal
healthcare Network Associates
(Financial Advisor to
Shorefront Geriatric Center) |
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| OTHERS PROMISE. WE DELIVER. |
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$40,500,000 |
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FHA 223 a-7 Insured
Ginnie Mae Loan |
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FHA 242 Debt Refinancing |
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Morehead Memorial Hospital |
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Eden, NC |
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InnoVative Capital's Role: |
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FHA Mortgage Banker |
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[ case study ] |
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Joint Management &
Lease Agreement |
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Community Hospital Affiliation |
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Emanuel Medical Center |
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Swainsboro, GA |
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InnoVative Capital's Role: |
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Financial Advisor |
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[ case study ] |
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$85,000,000 |
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FHA 242 Insured Ginnie Mae Loan |
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Replacement Community Hospital |
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Meadows Regional Medical Center |
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Vidalia, GA |
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InnoVative Capital's Role: |
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FHA Mortgage Banker and Financial Advisor |
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[ case study ] |
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$40,000,000 |
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FHA 242 Insured
Ginnie Mae Loan |
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Replacement Critical Access Hospital |
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The Memorial Hospital |
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Craig, CO |
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InnoVative Capital's Role: |
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FHA Mortgage Banker |
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[ case study ] |
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$46,000,000 |
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FHA 242 Mortgage Insured
Tax-Exempt Bonds |
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Replacement
District Hospital |
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Matagorda Regional Medical Center |
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Bay City, TX |
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InnoVative Capital's Role: |
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FHA Mortgage Banker and
Financial Advisor |
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[ case study ] |
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$18,500,000 |
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FHA 242 Insured
Ginnie Mae Loan |
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Replacement Critical Access Hospital |
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Shoshone Medical Center |
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Kellogg, ID |
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InnoVative Capital's Role: |
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FHA Mortgage Banker |
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[ case study ] |
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$6,500,000 |
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FHA 241 Insured
Ginnie Mae Loan |
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Skilled Nursing Facility
Renovation |
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Shorefront Geriatric Center |
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Brooklyn, NY |
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InnoVative Capital's Role: |
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FHA Mortgage Banker |
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[ case study ] |
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$29,000,000 |
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FHA 242 Insured
Ginnie Mae Loan |
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Replacement Critical Access Hospital |
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North Valley Hospital |
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Whitefish, MT |
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InnoVative Capital's Role: |
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FHA Mortgage Banker |
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[ case study ] |
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$31,000,000 |
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FHA 242 Mortgage Insured
Ginnie Mae RZED Bonds |
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Critical Access Hospital Modernization Project |
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Effingham County Hospital Authority |
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Springfield, GA |
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InnoVative Capital's Role: |
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FHA Mortgage Banker and
Financial Advisor |
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[ case study ] |
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$24,000,000 |
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Hospital Revenue Bonds |
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Community Hospital
Renovation and Expansion |
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Ohio Valley General Hospital |
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McKees Rocks, PA |
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InnoVative Capital's Role: |
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Financial Advisor |
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[ case study ] |
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$3,500,000 |
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FHA 232 Mortgage Insured
Tax-Exempt Bonds & Sub Debt |
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New Assisted Living Facility |
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Somerset at University Place |
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Winston-Salem, NC |
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InnoVative Capital's Role: |
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FHA Mortgage Banker |
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[ case study ] |
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$50,000,000 |
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Hospital Revenue Bonds |
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Tertiary Care Facility
Renovation and Expansion |
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Memorial Health University Medical Center |
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Savannah, GA |
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InnoVative Capital's Role: |
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Financial Advisor |
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[ case study ] |
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$6,860,000 |
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FHA 232 Insured
Ginnie Mae Loan |
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Skilled Nursing Home
Renovation and Refinancing |
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Citrus Health and
Rehabilitation Center |
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Inverness, FL |
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InnoVative Capital's Role: |
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FHA Mortgage Banker |
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[ case study ] |
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$19,200,000 |
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Hospital Revenue Bonds |
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Community Hospital
Refinancing and Expansion |
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Daviess County Hospital |
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Washington, IN |
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InnoVative Capital's Role: |
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Financial Advisor |
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[ case study ] |
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$33,000,000 |
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FHA 242 Insured
Ginnie Mae Loan |
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Start-Up For-Profit Hospital |
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Summit Hospital |
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Phenix City, AL |
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InnoVative Capital's Role: |
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FHA Mortgage Banker |
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[ case study ] |
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$37,000,000 |
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FHA 242 Insured
Ginnie Mae Loan |
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Community Hospital
Debt Refinancing & Expansion |
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Knox Community Hospital |
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Mt. Vernon, OH |
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InnoVative Capital's Role: |
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FHA Mortgage Banker and
Financial Advisor |
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[ case study ] |
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$20,000,000 |
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USDA Direct Loan |
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Community Hospital Renovation |
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DeSoto Memorial Hospital |
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Arcadia, FL |
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InnoVative Capital's Role: |
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Financial Consultant |
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[ case study ] |
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$59,000,000 |
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Doctors’ Hospital
Non-Rated Hospital Revenue Bonds |
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Start-Up Non-Profit Hospital |
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Doctors’ Hospital |
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Bridgeport, TX |
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InnoVative Capital's Role: |
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Financial Advisor |
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[ case study ] |
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$7,675,000 |
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FHA 232 Insured
Ginnie Mae Loan |
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Start-Up Skilled Nursing Facility |
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Stone Oak Care Center |
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San Antonio, TX |
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InnoVative Capital's Role: |
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FHA Mortgage Banker |
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[ case study ] |
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The Tax Support of Independent Community Hospitals
by Alan P. Richman
Healthcare Financial
Management Magazine |
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Increasingly, community hospitals are under pressure to survive. Independence and prosperity are not mutually exclusive for many community hospitals, as long as they receive a little revenue support for new facilities and additional physicians. Dedicated limited taxes can provide the lifeline hospitals need to preserve community healthcare and enhance the local economy.
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