Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $3.72 million loan refinancing for Jerseyville Nursing & Rehabilitation Center, a 111-bed skilled nursing facility in Jerseyville, Illinois.
Love Funding Senior Director Robyn Cunningham of the St. Louis office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program, which enables streamlined refinancing of mortgage debt previously insured by the agency. Using the program enabled Cunningham to lock in a low interest rate for the borrower over a 30-year term, saving the borrower approximately $40,000 in annual debt service costs.
In January, Cunningham closed on a $1.6 million loan refinancing for Shangri-La Apartments, a 60-unit apartment community in Texarkana, Arkansas.