November 24, 2014
Love 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.
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.
November 5, 2014
Regional Director Bruce P. Gerhart accompanied by Director Brian Jones will be attending AHF Live: The Affordable Housing Developers Summit November 19-21, 2014 in Chicago, IL. Stop by booth #44 to discuss the many financing options available through FHA’s affordable housing finance programs with our team of experts.
November 5, 2014
Senior Director Laura Saull-Smith will be attending the Bisnow Healthcare Real Estate Summit November 25 in Philadelphia, PA.
October 17, 2014
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $6.16 million loan refinancing for Briarfield at Ashley Circle, a 98-bed skilled nursing facility in Austintown, Ohio.
Senior Director Robert Smallwood of Love Funding’s Cleveland office secured a 35-year loan term, lowered the interest rate, and increased debt service savings for the property’s owners through the U.S. Department of Housing and Urban Development’s 232/223(f) program.
Briarfield at Ashley Circle was built in 1980 and is owned by Ed and Diane Reese. Mr. Reese is chief executive officer of EDM Management Inc., which manages the facility. Mrs. Reese is the company’s president. The couple manages four other projects in Ohio: The Inn at Ironwood, The Inn at Glenellen, The Inn at Christine Valley and Briarfield Manor Skilled Nursing Facility. The refinancing will enable the Reeses to utilize new local conventional debt for acquisitions and/or new construction financing.
For more information, contact Robert Smallwood at (216) 583-0791.