Love Funding Closes $30.5 Million Refinance Loan for Jack Hughston Memorial Hospital

||Love Funding Closes $30.5 Million Refinance Loan for Jack Hughston Memorial Hospital

Jack Hughston HospitalLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $30.5 million loan refinancing for Jack Hughston Memorial Hospital (JHMH), a 70-bed acute-care hospital located in Phenix City, Alabama.
 
The financing was secured by Steven Hunt, Love Funding’s Senior Director of Hospital Finance, through the U.S. Department of Housing and Urban Development’s Section 242 loan insurance program. Hunt, along with underwriter Matthew Andrea, was hired in 2011 to launch the company’s hospital finance division after serving for a number of years in HUD’s Office of Healthcare Programs.

“Over the past few years, hospitals in HUD’s portfolio have reduced their interest expense through either a loan modification or by refinancing to help offset expected reductions in reimbursements from Medicare and Medicaid, among other industry-wide financial pressures,” Hunt said. “We were pleased to work with JHMH Chief Executive Mark Baker to secure an FHA insurance commitment and close the loan on schedule.”
 
Jack Hughston Memorial Hospital, which was built in 2006, is an advanced acute-care hospital offering a range of services, including orthopedic and general surgery, physical therapy, diagnostic imaging, and a 24-hour emergency room. The facility is ranked nationally among the top 5 percent of hospitals for patient experience by HealthGrades, the nation’s leading independent healthcare ratings organization.
 
The agency is widely expected to announce a new refinance program this year – FHA 242/223(f) – that will enable a wide variety of hospitals to enjoy the same long-term, fixed-rate, non-recourse financing.
 
“Given the importance to hospitals of controlling costs these days, the new FHA program should be a tool at the top of every CFO’s tool chest, particularly with interest rates near record lows,” Hunt said
 
Love Funding said in a separate announcement today that Hunt also closed a $361.4 million loan modification for the Medical University Hospital Authority (MUHA) in Charleston, South Carolina.  That transaction was the third-largest hospital loan in HUD’s history.
 
For more information, contact Steven Hunt at (678) 595-8238.

2013-01-08T17:29:51+00:00 Love Funding News|