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Love Funding Secures $11.6 Million Refinancing for Assisted Living Facility in Grand Haven, Michigan

December 17, 2014

Grand PinesLove Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $11.6 million refinancing for Grand Pines Assisted Living Center, a 104-bed assisted living facility in Grand Haven, Michigan.

Love Funding Midwest Regional Director Bruce Gerhart secured the loan through the U.S. Department of Housing and Urban Development’s LEAN 232/223(f) loan insurance program. Financing the transaction through the program enabled the borrower to lock in a low, fixed interest rate over a 35-year term and pay off debt related to the installation of an electronic call system.
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Love Funding Closes $14.1 Million Loan for Construction of River’s Edge Apartments in Knoxville, Tennessee

December 15, 2014

Rivers-Edge_Tammy-TateLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $14.1 million loan for the construction and permanent financing of River’s Edge Apartments, a proposed 134-unit market-rate apartment community in Knoxville, Tennessee.

Senior Director Tammy Tate of Love Funding’s Knoxville office secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Using the program enabled the borrower to secure low-rate, non-recourse financing that is fixed for the initial 14-month construction period and a subsequent 40-year term.
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Love Funding Closes $7.21 Million Acquisition Loan in Record Timing for Skilled Nursing Facility in Springdale, Arkansas

November 24, 2014

Walnut-GroveLove Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $7.21 million loan to fund the acquisition of Walnut Grove Nursing and Rehabilitation Center, a 102-bed skilled nursing facility in Springdale, Arkansas.

Love Funding Senior Director Laura Saull-Smith of the Washington D.C. office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. The program provides non-recourse financing for the purchase or refinance of existing assisted living, memory care and intermediate or skilled nursing facilities.
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Novogradac Tax Credit Housing Finance Conference

November 20, 2014

Senior Director Laura Saull-Smith and Director Ann Bolen will be exhibiting at the Novogradac Tax Credit Housing Finance Conference December 4-5 in Las Vegas, NV. Stop by our booth to discuss your property’s financing needs with Laura and Ann.

Trulia’s Rental Affordability Report

November 6, 2014

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, said a report out today from Trulia.com shows that more support needs to be given to federal programs seeking to preserve affordable housing options.

Among other findings, the trend report from Trulia.com, “What Home Price Slowdown? Some Markets Buck the Trend,” revealed that rents rose 6.2% year-over-year across the U.S. in October, and by even higher rates in markets that were already the least affordable.

“Rental affordability is quickly emerging as the next housing crisis,” said Mark Dellonte, President and Chief Executive Officer of Washington, D.C.-based Love Funding. “We as a nation have to recommit ourselves to building and preserving affordable rental housing, and that starts by lending more support to federal programs designed to provide affordable multifamily housing.”

Growing demand for rental units, captured in multifamily vacancy rates below 5%, continues to push rents up. More than 7 million low-income households now spend more than half their income on rent, according to the Joint Center for Housing Studies at Harvard University.
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