Love Funding Closes $3.82 Million Refinancing for Seattle-Based Assisted Living Facility

Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $3.82 million loan refinancing for Fred Lind Manor, an 82-bed assisted living facility based in Seattle.
 
Love Funding Director Artin Anvar of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan program. Using the program enabled the property’s owner to lock in a low, fixed interest rate and extend the loan term by 12 years, producing more than $122,000 in annual debt service savings.

Fred Lind Manor was established in 1944 by Seattle’s Baptist community and was first housed in a historic mansion. By 1988, the facility’s board of directors had acquired adjoining property and the mansion was replaced with a four-story Victorian-style building. The mortgagor is Fred Lind Manor, Inc., a not-for-profit corporation.
 
“I agreed to engage Artin at Love Funding because I believed they could close the loan quickly,” said Mark Mullen, Fred Lind Manor’s executive director. “They did not disappoint. They coordinated the process in such a way that gave me a great deal of confidence and required very little legwork on my part.”
 
For more information, contact Artin Anvar at (202) 887-0435.

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