Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $6.64 million loan refinancing for Rosemont Assisted Living Community in Kingwood, Texas.
Love Funding Director Brian Robertson of the St. Louis office secured the financing through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program, which allows for a streamlined refinancing of existing HUD-insured properties. Using the program enabled Robertson to lock in a low interest rate and extend the loan back to its original 35-year term, generating nearly $152,000 in annual debt service savings.
Rosemont founder G. Barron Rush Jr. was one of the pioneers in building and developing assisted living communities to serve residents who required assistance with the tasks of daily living. Barron Management, established in 1958, is in its third generation of Rush family ownership and oversees operations at the Kingwood facility, in addition to other Rosemont assisted living communities in West Monroe, Louisiana, and Santa Fe, New Mexico.
Robertson also closed on a $2.4 million HUD refinancing on the West Monroe facility this week.