Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the refinancing of two loans totaling $10.4 million for assisted living properties in western Michigan.
Bruce Gerhart and Robert Smallwood of Love Funding’s Cleveland office secured the loans through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program. The properties included in the refinancing are Railside Assisted Living Center in Byron Center and Sheldon Meadows Living Center in Hudsonville.

Reenders Inc., a longstanding Grand Haven-based client of Gerhart and Love Funding, has principal ownership in both properties. The company has turned to Love Funding seven times in the last two years to refinance assisted living properties in its portfolio. Utilizing the streamlined FHA 223(a)(7) insured refinance program enabled the borrower in this instance to save more than $513,000 in annual debt service costs.
Railside offers 121 beds in 95 units, while Sheldon Meadows has 129 beds in 98 units. Both properties offer a wide array of services and amenities to residents, including specialized memory care.
For more information, contact Bruce Gerhart at (216) 583-0812 or Robert Smallwood at (216) 583-0791.