Love Funding Closes $11.7 Million Refinancing for Assisted Living Facility in Bothell, Washington

||Love Funding Closes $11.7 Million Refinancing for Assisted Living Facility in Bothell, Washington

Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of an $11.7 million loan refinancing for Chateau at Bothell Landing, an assisted living center in Bothell, Washington.
 
Love Funding Director Artin Anvar of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan program. Using the program enabled the property’s owner to lock in a low, fixed interest rate over the remainder of the original 35-year term, producing more than $106,000 in annual debt service savings.

The refinancing will also help fund more than $415,000 in repairs to convert 14 units into a dedicated, secure memory care wing. The property is one of three senior living properties in Washington State that are owned and operated by Chateau Retirement Communities. The other assisted living and memory care facilities are Chateau Pacific Living in Lynnwood and Chateau at Valley Center Senior Living in Renton.
 
“We’ve witnessed firsthand the demand for non-nursing home, residential-model memory care units increase,” said James Godfrey, owner of Chateau Retirement Communities. “We are pleased that with the help and support of Love Funding, we will soon be able to offer this much needed service at Chateau at Bothell Landing, just as we do currently at our other Chateau communities.”
 
In addition to the memory care units, the property holds 77 assisted living units and 11 independent units. Chateau at Bothell Landing also contains two separate independent living buildings on the campus, which is located in the Puget Sound region.
 
For more information, contact Artin Anvar.

2012-07-02T20:11:22+00:00 Love Funding News|