Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of an $11.5 million loan refinancing for a portfolio of nine assisted living facilities in the Boise, Idaho area.
Love Funding Director Chad Ricks of the Dallas office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan insurance program, which allows for a streamlined refinancing of an existing HUD-insured property that serves the elderly population.

 Utilizing the program enabled the property’s owner to obtain a fully amortizing loan with a low fixed interest rate for a 32-year term, generating more than $7.5 million in debt savings over the life of the loan. Ricks secured the original loan in 2008 through HUD’s 232/223(f) loan program.
The nine assisted living facilities each include 15 beds and are located in six sites throughout Boise. The borrower is Cottages II LLC.
For more information, contact Chad Ricks.