Love Funding Secures $5.54 Million in Financing for Acquisition of Retirement Community in Brook Park, Ohio

||Love Funding Secures $5.54 Million in Financing for Acquisition of Retirement Community in Brook Park, Ohio

Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.54 million loan for the acquisition of North Park Retirement Community, an assisted living and skilled nursing facility in Brook Park, Ohio.
 
Robert Smallwood and Bruce Gerhart of Love Funding’s Cleveland office secured the loans through the U.S. Department of Housing and Urban Development’s 232/223(f) loan insurance program for the refinance or purchase of healthcare projects that are more than three years old and don’t require substantial rehabilitation.

North Park Retirement was built in 1967 and converted to an assisted living facility in 1988, with additional assisted living units added in 1994. In 2010, the facility was completely renovated, converting 18 assisted living units into 23 skilled nursing units. Today, it provides a total of 49 assisted living beds and 25 skilled nursing beds.
 
North Park Properties LLC is purchasing the property from NP Properties of North Olmsted LLC. Since buying the property in February 2010, NP Properties has leased the facility to North Park Care Center LLC. North Park Properties is 100%-owned by John Paul Coury III, who has been involved in the long-term care industry for more than two decades and has served as the administrator or two other family facilities in Ohio and a non-family facility in Arizona.
 
For more information, contact Robert Smallwood at (216) 583-0791 or Bruce Gerhart at (216) 583-0812.

2013-12-09T17:39:02+00:00 Love Funding News|