NEEDHAM, MA - CWCapital, LLC, a full-service lender to the commercial and multifamily real estate industries, announced that it has provided $23.2 million in financing for the construction of a 100-unit Assisted Living facility in Gig Harbor, Washington. The Lodge at Mallard's Landing is the first construction loan to be closed using the FHA's LEAN processing program. LEAN, introduced in June 2008, is now fully implemented across all FHA healthcare programs. LEAN aims for a closing within 30 days of the submission of a complete loan package.
CWCapital principals worked closely with the FHA to develop LEAN and closed the first LEAN loan in the country this summer, a $4.4 million loan on a healthcare facility in Idaho. In January, CW provided $7.5 million in refinancing for a 193-bed facility in Montana, again using LEAN processing.
"This is the perfect time for the FHA to step forward with this process," stated Michael Berman, President and CEO of CWCapital. "Seniors housing finance options are limited. This partnership of private lenders, such as CWCapital, taking more responsibility in concert with the FHA represents an opportunity to deliver credit more efficiently and responsibly. The LEAN process is well suited to CW's diligent underwriting and closing culture."
"CW has had an excellent, longstanding relationship with the FHA based on our ability to execute loans - submitting thorough applications and practicing solid underwriting - these are the keys to successful LEAN closings," added Tom Peters, Senior Vice President for CW. "In addition, improvements in the FHA's asset management program, coupled with CW's in house servicing, means borrowers are always working with the same person. That familiarity, with the borrower, property and loan, is just another benefit of LEAN, and is what sets CW apart from other lenders."
Peters also added, "LEAN has been introduced at the most opportune time. With faster closing timeframes, FHA healthcare finance programs are now extremely competitive and attractive, offering borrowers an opportunity to capitalize on the low interest rate environment. This is the ideal time to refinance and reduce monthly expenditures, or reinvest the savings in capital improvements - or both."
Source: CWCapital