Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $15.3 million loan for the refinancing of Christian Care Home, an assisted living and skilled nursing senior community in Ferguson, Missouri.
Christian Care Home, which offers 178 beds in 92 units, is one of only two nursing homes in the area that provides on-site dialysis services to its residents. The facility is owned by Christian Woman’s Benevolent Association, a non-profit corporation based in Missouri that was formed in 1911 to care for impoverished mothers and their babies. The organization’s mission was expanded over the years and today provides for the physical, intellectual and spiritual wants of all those in need.
Love Funding Senior Director Robyn Cunningham and Director Adrian Hartman of the St. Louis office secured the financing through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan insurance program. This is the second time in less than three years that Love Funding has refinanced the property’s debt, the last transaction occurring in 2013. Love originally financed the construction of the facility under the Section 232 program in June 2009.
“Being a not-for-profit who predominantly serves Medicaid patients, cash flow is critical to us being able to continue our mission to serve the needs of the community,” said Viola Weible, president of Christian Woman’s Benevolent Association. “This is the third time we have worked with Love Funding, and each refinancing has helped improve our ability to meet these needs. We keep going back to them because they understand our operation and work with us to get through the process as efficiently as possible.”