Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $7.24 million loan refinancing for Sea Mar Community Care Center, a 100-bed skilled nursing facility in Seattle.
Love Funding Senior Director Artin Anvar of the Washington D.C. office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan insurance program. Using the program enabled the borrower to lock in a low, fixed-rate, non-recourse loan for a 33-year term, generating more than $215,000 in annual debt service savings.
Sea Mar Community Health Center was established in 1977 as a nonprofit community organization, and began providing services as a community health center in 1978. Since then, the center has grown into a multi-service agency, offering health care, social services and other assistance throughout the state of Washington through a network of 23 medical clinics, 13 dental clinics, 3 residential drug and alcohol treatment centers, 18 out-patient mental health offices, and other outlets. In total, the organization now operates over 70 sites.
For more information, contact Artin Anvar at (202) 887-0435.