Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $7.4 million loan refinancing for Seabury Woods, a senior care center in Rochester, New York.
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) loan program, which allows for the streamlined refinancing of existing HUD-insured senior care properties. Using the program enabled the borrower to lock in a low, fixed interest rate for the balance of the existing term, generating in excess of $120,000 of annual debt service savings.

Seabury Woods opened in September 2002 and consists of 48 assisted living beds and 24 memory care beds in 70 units. The mortgagor of the property is Gates Senior Housing Inc., a not-for-profit corporation that provides non-health-related residential and other services to the elderly.
For more information, contact Brian Robertson.