Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of six loans totaling $46.3 million for the refinancing of a portfolio of skilled nursing facilities in Ohio.
Senior Director Robert Smallwood of Love Funding’s Cleveland office secured the loans through the U.S. Department of Housing and Urban Development’s LEAN 232/223(f) loan insurance program. The non-recourse nature of the program enables borrowers to obtain low-rate financing for up to 35 years for the purchase or refinance of existing long-term healthcare facilities.
Smallwood and Love Funding processed the six loan transactions under a master lease that also included another property previously refinanced in 2014. The six properties refinanced this time around have a total of 430 units and were constructed between 1951 and 2006.
For more information, contact Robert Smallwood at (216) 583-0791.