$4.01M Refinancing by Len LucasLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $4.01 million loan refinancing for Compass on the Bay, a Boston-based assisting living facility.
Love Funding Senior Director Leonard A. Lucas of the Boston office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan program, which covers the refinancing of existing HUD-insured healthcare facilities. The program enabled the borrower to lock in a low, fixed interest rate, generating approximately $69,000 of annual debt service savings.

Compass on the Bay, which consists of 54 beds in 39 units, is a state-of-the-art memory support assisted living community offering research-based treatment programming for those with memory loss and Alzheimer’s disease. The facility is operated by Senior Living Residences, an industry leader in the creation of service-enriched housing and care options for seniors in New England.
For more information, contact Leonard Lucas.