Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $4.6 million refinancing for Avonlea Cottage of Quad Cities, a 46-unit assisted living and memory care center in Milan, Illinois.
Love Funding Senior Vice President Harry Cheatham of the St. Louis office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. Utilizing the program enabled the property’s owner to obtain a low interest rate, non-recourse loan with a 35-year term, generating substantial debt service savings that will help address nearly $60,000 in needed repairs.

Avonlea Cottage was built in two stages, with one building completed in 2001 and an additional building finished in 2007. It is licensed by the Illinois Department of Public Health for 30 Alzheimer units.
The transaction is Cheatham’s fourth HUD refinancing in the past two months. Last month, he arranged a $5.76 million refinancing for Parkway Apartments, a 100-unit market-rate apartment complex in Elko, Nevada. In October, he secured financing for two separate apartment communities in Columbia, Missouri, and Manhattan, Kansas.
For more information, contact Harry Cheatham.