Love 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.
Grand Pines was built in two phases between 2009 and 2011, and is comprised of two secure memory care wings and two general assisted living wings. The property is principally owned by Reenders Inc., a longstanding Grand Haven-based client of Gerhart and Love Funding. The company is a fourth-generation real estate family with the last three generations still actively engaged in senior housing and senior care facilities throughout Michigan and Indiana.
“It has been a pleasure working with three generations at Reenders over the past dozen years financing and refinancing their properties,” Gerhart said. “They are truly a leader in the industry.”
For more information, contact Bruce Gerhart at (216) 583-0812.