A Washington, D.C., lender has refinanced two assisted living centers in West Michigan.
Love Funding recently secured the loans from the U.S. Department of Housing and Urban Development for Railside Assisted Living Center in Byron Center and Sheldon Meadows Living Center in Hudsonville. The two loans are from the HUD LEAN loan program and both totaled $10.4 million.
Reenders Inc., a Grand Haven firm, has principal ownership in both facilities. Bruce Gerhart and Robert Smallwood, in Love’s Cleveland office, worked with Reenders to secure the financing. Gerhart said the firm has been a longtime client of his and Love’s.
In fact, Gerhart said Reenders has turned to Love Funding seven times in the past two years to refinance assisted-living properties and has saved more than $513,000 in annual debt service costs.
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Published November 14, 2012 | By David Czurak