Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $2.4 million loan refinancing for Rosemont Assisted Living Community in West Monroe, Louisiana.
Love Funding Director Brian Robertson 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 program, which allows for a streamlined refinancing of existing HUD-insured properties. Using the program enabled Robertson to lock in a low interest rate over a 27-year term, generating more than $37,000 in annual debt service savings.
Rosemont founder G. Barron Rush Jr. was one of the pioneers in building and developing assisted living communities to serve residents who required assistance with the tasks of daily living. Barron Management, established in 1958, is in its third generation of Rush family ownership and oversees operations at the West Monroe facility, in addition to other Rosemont assisted living communities in Kingwood, Texas, and Santa Fe, New Mexico.
Robertson also closed on a $6.64 million HUD refinancing on the Kingwood facility this week.