Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $4.34 million loan refinancing for Aarenbrooke Place, a 70-bed assisted living community in Boise, Idaho.
Love Funding Fist Vice President and Senior Loan Originator Chad Ricks of the Dallas office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan insurance program. Utilizing the program enabled the property’s owner to lock in a low fixed interest rate for a 35-year term, generating more than $28,000 in annual debt service savings.

Aarenbooke Place is one of many assisted living centers operated by Ashley Manor LLC, with locations in Idaho and Oregon. Ricks originally provided FHA financing when Ashley Manor acquired the property in September 2007.
The transaction is Ricks’ second refinancing in the state in the last four months. In October, he secured a $1.93 million refinancing for Greenbriar Apartments, a 47-unit Section 8 apartment community in Boise.
For more information, contact Chad Ricks.