St. Margaret’s Refinances Mid-City Nursing Facility

by • March 6, 2020 • NewsComments (0)3862

St. Margaret’s Daughters Home, a nonprofit skilled nursing facility located in Mid-City on the site of the former Lindy Boggs Medical Center, was refinanced recently. St. Margaret’s Daughters Home features 100 rooms designed for occupancy by up to 112 residents.

PGIM Real Estate Finance provided the $10.7 million HUD loan to refinance the 2013 facility. The refinancing helped the borrower in reducing and simplifying its existing debt via the HUD loan.

The $33 million construction of the new facility was initially financed using a capital stack of New Market Tax Credits (NMTC), OCD Loan Funds, FEMA grant money, bank loan funds and sponsor equity.

For years there has been talk of redeveloping the actual former Lindy Boggs facility, though little movement has been made.

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