Home Nurse Facilities Portfolio of Skilled Nursing Facilities Receives HUD Funding

Portfolio of Skilled Nursing Facilities Receives HUD Funding


Aged and long-term care management firm Madison Creek Partners has received $16,408,000 in funding for three skilled nursing facilities in central Colorado. The portfolio includes Pioneer Health Care Center, a 29-unit facility in Rocky Ford, Paonia Care & Rehabilitation, a 28-unit facility in Paonia, and Glenwood Springs Health Care, a 29-unit facility in Glenwood Springs.

Walker & Dunlop Managing Director Kevin Giusti led the creative team, which has extensive experience in senior living facilities and skilled nursing facilities across the country. Leveraging their knowledge of the U.S. Department of Housing and Urban Development (HUD) lending platform, the Walker & Dunlop team used HUD’s LEAN 232/233(f) refinance program, which provides long-term, reduced-rate financing for specialized health facilities. Proceeds from HUD were used to refinance existing third-party debt on the properties, as well as to collect partner debt to fund capital improvements at each of the facilities.

Renovated in 1964, the Pioneer Health Care Center is a 29-unit/99-bed facility and is the only Veterans Affairs (VA) contracted facility within 80 miles of the area. Paonia Health Care Center is a 28-unit/56-bed nursing and memory care facility built in 1984. Paonia Health Care is the only facility in the town of Paonia and the only qualified nursing facility within a radius of 22 miles. Finally, Glenwood Springs Health Care is a 29-unit/54-bed facility and the only one of its kind in the area. It is located less than a mile from its local medical center, Valley View Hospital.

Walker & Dunlop ranked 3rd among HUD lenders in 2019 based on initial MAP endorsements, closing over $94 million in senior housing and healthcare transactions.