PROJECT NAME: Gurwin Jewish Geriatric Center
LOAN PROGRAM:232 Mortgage Modification
LOAN AMOUNT: $22,517,759
PROJECT TYPE/SIZE: 460-Bed Skilled Nursing Facility
Century modified one of Gurwin’s Section 232 HUD-insured loans in order to generate cash from excess tax-exempt bond proceeds and reduce the interest rate to produce significant debt service savings. HUD’s mortgage modification process is a streamlined process that can be accomplished in an efficient and timely manner at minimal cost to the borrower.