Love Funding’s Artin Anvar Secures $5.14 Million Refinancing for Memory Care Facility in Costa Mesa, California

||Love Funding’s Artin Anvar Secures $5.14 Million Refinancing for Memory Care Facility in Costa Mesa, California

Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.14 million loan refinancing for Autumn Years at Newport Mesa, a 40-bed memory care facility in Costa Mesa, California.
 
Love Funding Director Artin Anvar of the Washington office obtained the financing through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program. The program helped the borrower reduce the interest rate and extend the loan term by five years, saving approximately $135,000 in annual debt service costs.

Autumn Years, which was built in 1999, specializes in caring for those with memory impairments, such as Alzheimer’s, Parkinson’s and other related dementias. The facility differentiates itself in Orange County by bringing in personal physicians on a regular basis and by breaking groups of residents into smaller units to help foster a more “home-like” environment. The property has 40 beds divided between 20 units.
 
“It was a pleasure working with Artin and the Love Funding team on this refinancing,” said Bruce Guyette, general partner of AY Newport Mesa LP, the borrower. “I really appreciated Artin’s ongoing communication in keeping me informed of our loan’s progress and any issues that needed to be addressed. I will certainly recommend Love Funding’s services to anyone needing similar loan funding.”
 
For more information, contact Artin Anvar.

2012-09-10T16:47:50+00:00 Love Funding News|