Bravo Capital, a HUD LEAN-approved lender, has received six Section 232/223(f) firm commitments for skilled nursing facilities in Virginia and West Virginia since September 2025, totaling $143.2 million, and all six have closed.
Bravo's closed skilled nursing loans in Virginia and West Virginia
| Facility | Location | Firm commitment | Closed | Loan amount |
|---|---|---|---|---|
| Glenville Health and Rehabilitation | Glenville, WV | 9/30/2025 | 2/19/2026 | $20,720,000 |
| Lawrenceville Health and Rehabilitation | Lawrenceville, VA | 9/30/2025 | 3/10/2026 | $12,154,900 |
| Blue Ridge Therapy Connection | Stuart, VA | 11/26/2025 | 3/10/2026 | $41,650,000 |
| Tygart Valley Health and Rehabilitation | Belington, WV | 12/30/2025 | 5/6/2026 | $16,160,000 |
| Wyndhurst Health and Rehabilitation | Lynchburg, VA | 4/10/2026 | 7/28/2026 | $34,160,000 |
| Winchester Health and Rehabilitation | Winchester, VA | 6/17/2026 | 10/19/2026 | $18,400,000 |
Section 232/223(f) terms
| Term | Section 232/223(f) acquisition or refinance |
|---|---|
| Use | Buy or refinance an existing skilled nursing, assisted living or memory care facility |
| Term | Up to 35 years, fixed, fully amortizing |
| Max loan-to-value | 80% for-profit, 85% nonprofit |
| Min debt service coverage | 1.45x |
| Mortgage insurance premium | 1% at closing, then 0.65% a year |
| Recourse | Non-recourse, standard carve-outs |
Who it fits
- Owners refinancing bank or bridge debt on a stabilized skilled nursing facility
- Buyers acquiring a facility with an experienced operator in place
- Owner-operator groups refinancing several facilities in the region, one HUD loan per facility
What HUD looks at on a Virginia or West Virginia facility
- The operator: experience, licensure, staffing, financial capacity and survey history
- CMS star ratings, census and payor mix
- Professional liability insurance and the operating lease between owner and operator
- Third-party reports: appraisal, environmental report and Capital Needs Assessment
- Minimum debt service coverage of 1.45x
Express Lane
Qualifying low-leverage Section 232/223(f) refinances can use HUD's Express Lane, which HUD said moves an application to firm commitment in about 10 to 15 days. See Does my 232 deal qualify for Express Lane? or run the facility through the Express Lane Qualifier.
Bridge first, then HUD
Bravo Property Trust, Bravo Capital's affiliate, has made healthcare bridge loans in Virginia, including a $9 million skilled nursing loan and a $42 million loan on facilities in Chesapeake, Virginia and Taylor, Michigan. A bridge loan can carry an acquisition or operator transition until the facility qualifies for a 232/223(f) refinance.
Check Express Lane eligibility Talk to an underwriter
Questions borrowers ask
Who finances nursing homes with HUD in Virginia?
Bravo Capital, a HUD LEAN-approved lender, has closed Section 232/223(f) skilled nursing loans in Stuart, Lynchburg, Lawrenceville and Winchester, Virginia, and in Glenville and Belington, West Virginia: six loans totaling $143.2 million, all closed.
Has Bravo closed every skilled nursing HUD loan in Virginia and West Virginia?
Yes. Bravo has closed all six Virginia and West Virginia skilled nursing loans it has received a HUD firm commitment for since September 2025.
Can a Virginia skilled nursing refinance use HUD's Express Lane?
It may, if the loan is at 70% loan-to-value or less and no more than $50 million, the operator has run the facility for at least two years, the facility meets HUD's coverage and quality-of-care standards, and the application is complete. Bravo's Express Lane Qualifier checks a facility against these criteria.
About the author
Aaron Krawitz is the founder and CEO of Bravo Capital, a HUD-approved MAP and LEAN lender in New York City. He founded Bravo in 2021 after serving as president of Dwight Capital. Bravo and its affiliate, Bravo Property Trust, have closed more than $2.5 billion in financing, and Bravo closed every HUD firm commitment it received in 2025.
