Dealmaker: Love Funding Closes 7 FHA Loans Totaling $55M

Love Funding, Washington, D.C., closed six loans totaling $46.3 million to refinance a portfolio of Ohio skilled nursing facilities.

Senior Director Robert Smallwood of Love Funding’s Cleveland office secured the loans through HUD’s LEAN 232/223(f) loan insurance program. The program allows borrowers to obtain financing for up to 35 years to purchase or refinance existing long-term healthcare facilities.

Smallwood processed the six non-recourse loan transactions under a master lease that also included another property previously refinanced in 2014. The six properties refinanced this time around include 430 units constructed between 1951 and 2006. 

Love Funding also closed an $8.5 million refinancing for a group of 363 age-restricted Section 8 units in three Haslett, Mich. apartment communities. Grange Acres Non-Profit Housing Corp. owns three communities, part of the larger Grange Acres development, and First Housing Corp. manages the 1972- through 1982-vintage properties. 

Bruce Gerhart, Love Funding Midwest regional director, secured the Section 223(f) loans, which will will pay for needed repairs and also fund replacement reserves. He said the buildings underwent extensive renovations under a green retrofit program in 2009 and 2010.