Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $13.4 million loan refinancing for Jackson Plaza Nursing & Rehabilitation Center, a skilled nursing facility based in Miami, Florida.
Love Funding Director Joshua Hausfeld of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program. The program allowed Hausfeld to extend the loan back to its original 35-year term. The combination of the longer loan term and a lower interest rate helped generate nearly $300,000 in annual debt service savings.

Jackson Plaza, which offers 120 nursing beds in 63 units, is part of the Plaza Health Network, a group of Miami area senior care facilities owned by independent affiliates of the Hebrew Homes Health Network, a not-for-profit organization. The Plaza Health Network was created in 1954 and has expanded to eight skilled nursing facilities over the ensuing decades. Jackson Plaza was built in 1964, and underwent renovations in 2000.
For more information, contact Joshua Hausfeld.