Washington, DC – Nov. 29, 2011 – Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $4.96 million loan refinancing for Governor’s Village, a 62-bed assisted living and dementia care facility in Mayfield Village, Ohio.
Love Funding First Vice President Robert L. Smallwood of the Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) LEAN loan program. Using the program enabled the property’s owner, Randall Residence, to generate about $36,000 in annual debt savings and pay off a 7 percent prepayment penalty through the sale of a Ginnie Mae mortgage-backed security and proceeds from the loan.
Governor’s Village is the second HUD transaction Smallwood has closed for the Randall family in the past two months, and he has another Randall property currently in the agency’s closing queue. Villa at the Lake, a 100-bed assisted living center in Conneaut, secured a $6.51 million refinancing in late September. Chuck Randall and his wife, Barbara, purchased their first assisted living property under the Randall Residence banner in 1975. Randall Residence now counts six assisted living facilities in its portfolio, including five in Ohio and one in Michigan.
For more information, contact Robert L. Smallwood.