Westwood-Hills-HealthcareLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of two refinance loans totaling $11.6 million for skilled nursing facilities in Missouri that share the same management team.
The properties involved in the transactions are Pillars of North County Health and Rehabilitation Center, a 120-bed facility in Florissant, and Westwood Hills Healthcare Center, a 132-bed facility in Poplar Bluff. Both healthcare centers are managed by Wellington Management Corp., which also operates two other skilled nursing facilities in Illinois.
Love Funding Senior Director Robyn Cunningham of the St. Louis office, together with Director Adrian Hartman, secured the two new loans through the U.S. Department of Housing and Urban Development’s Section 232/223(a)(7) LEAN loan insurance program. The program allows for the streamlined refinance of debt related to healthcare facilities already in HUD’s loan portfolio.

Using the program helped the owners lock in low, fixed-rate loans for the remainder of the current 35-year terms on the existing loans. Added up, the refinancing will generate nearly $150,000 in annual debt service savings combined. This is the third FHA loan Cunningham has refinanced for the ownership group, as she closed a $3.72 million loan for one of the Illinois facilities – Jerseyville Nursing & Rehabilitation Center – back in January 2012.
Last month, Cunningham and Hartman closed three other FHA loans totaling nearly $25 million, including a construction-to-permanent loan for a new market-rate apartment community in Lincoln, Nebraska, and refinance loans for market-rate apartment complexes in Chicago and Laurinburg, North Carolina.
For more information, contact Robyn Cunningham at (314) 512-7955 or Adrian Hartman at (314) 512-8736.