August 3, 2011
Love Funding recently closed two loans, for a total of $12.3 million, to assist Columbus, Ohio-based Vrable Healthcare, Inc. in the acquisition of two Ohio skilled nursing facilities.
Vrable bought the two facilities, Southern Hills Skilled Nursing and Rehabilitation Center in Middleburg Heights, and Abbyshire Place Skilled Nursing and Rehabilitation Center in Bidwell, through two subsidiaries that have operated them for the past five years under an option to purchase.
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August 3, 2011
Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $6.51 million loan refinancing for Villa at the Lake, a 100-bed assisted living center in Conneaut, Ohio.
Love Funding First Vice President Robert L. Smallwood secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. Using the program enabled the property’s owner to generate nearly $50,000 in annual debt savings and pay off an 8 percent prepayment penalty through the sale of a Ginnie Mae mortgage-backed security and proceeds from the loan.
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