Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.32 million loan for Governor’s Village, a Cleveland area assisted living facility that will use the funds to nearly double its capacity and help meet growing demand.
Senior Director Robert Smallwood of Love Funding’s Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s 232/241(a) loan insurance program that backs supplemental loans to fund repairs, additions and improvements at existing FHA-insured health care facilities.
Using the program enabled Randall Residence, the majority owner and operator of the property, to lock in a low, fixed interest rate for the remaining 29 years of the existing insured mortgage. Love Funding has assisted the family-owned business since 2003, helping the company expand its services to more than 250 seniors in Ohio, Michigan and Illinois.
Randall Residence built the facility in Mayfield Village in 2001. It currently has 24 traditional, assisted living units and 24 memory care units. Once completed, the addition will add another 38 assisted living units while subtracting one memory care unit, bringing the total capacity at the facility to 85 units. The ownership group has submitted an application to the State of Ohio to increase its overall license from 62 beds to 99 beds. The addition will be built by The Douglas Company based on plans created by architecture firm C.C. Hodgson.
For more information, contact Robert Smallwood at (216) 583-0791.