Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $6.51 million loan refinancing for Villa at the Lake, a 100-bed assisted living center in Conneaut, Ohio.
Love Funding First Vice President Robert L. Smallwood secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan program. Using the program enabled the property’s owner to generate nearly $50,000 in annual debt savings and pay off an 8 percent prepayment penalty through the sale of a Ginnie Mae mortgage-backed security and proceeds from the loan.
Villa at the Lake was the subject of HUD’s first-ever LEAN acquisition transaction when it closed in December 2008. The agency introduced LEAN in July 2008 as a mechanism for healthcare property lenders and developers to fast-track loan applications under the 232 program. Villa at the Lake is one of four projects Love Funding has successfully financed for this client utilizing both the LEAN and 232 programs.
For more information, contact Robert L. Smallwood at 216/583-0791