Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.56 million loan refinancing for Meadow Glen of Leesburg, a 40-bed assisted living facility in Leesburg, Virginia.
Love Funding Senior Director Laura Saull-Smith of the Washington office originated the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program, which allows for the streamlined refinancing of existing HUD-insured senior care properties. By using the program, the borrower was able to lock in a low, fixed interest rate and extend the loan back to its original 35-year term, saving more than $830,000 in debt service over the next 10 years of the loan.

The 27,716-square-foot building was originally constructed in 1834 as a farmhouse, and the main facility was added in 2001. It contains 37 units. Saull-Smith helped the current ownership group refinance the debt through HUD when they acquired the property in August 2008.
“In my 40-year career in real estate investment I have been though a lot of financing transactions, but never one that went as smoothly and with such professional efficacy,” said Paul V. Cali, managing principal of Cali Realty Capital LLC. “The team at Love Funding completed this transaction from application to closing in what has to be record time for a HUD loan, or conventional financing for that matter.”  
For more information, contact Laura Saull-Smith.