Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of three loans totaling $16.7 million for senior care facilities in Utah, Maryland and New Jersey.
Love Funding Senior Director Laura Saull-Smith of the Washington D.C. office obtained the loans, comprised of two refinancings and one loan modification, through the U.S. Department of Housing and Urban Development’s loan-insurance programs for healthcare facilities.
A $6.65 million loan refinancing for Richfield Care Center, a 69-bed skilled nursing facility in Richfield, Utah, will extend the loan term, help the borrower save more than $90,000 a year in debt-service costs and pay for needed repairs.

 A $6.36 million loan refinancing for The Hermitage at St. John’s Creek and Solomons Nursing Center, a skilled nursing and assisted living facility in Solomons, Maryland, will enable the borrower to obtain a term extension. The extension is needed in order to move forward with plans for financing a proposed addition that will add 23 assisted living beds and 12 skilled nursing beds to help meet demand in the local market. The facility currently operates 39 assisted living beds and 87 skilled nursing beds.
Finally, a $3.68 million loan modification for Gates Manor Nursing Facility, a 64-bed skilled nursing facility in Montclair, New Jersey, will produce approximately $35,000 in annual debt-service savings by reducing the current interest rate to market.
For more information, contact Laura Saull-Smith at (202) 887-1851.