Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $3.68 million loan modification for Gates Manor Nursing Facility, a 64-bed skilled nursing facility in Montclair, New Jersey.
Love Funding Senior Director Laura Saull-Smith of the Washington D.C. office secured the loan modification through the U.S. Department of Housing and Urban Development’s Section 232 program. Under the program, the interest rate will be reduced to market, saving the borrower approximately $35,000 in annual debt-service costs.
Gates Manor was original built 1966 and has been maintained since with routine improvements and a six-bed, four-unit addition in 1999. Saull-Smith secured the previous loan for the borrower in 2003 through HUD’s 232/223(f) loan insurance program. Under the modification, the amortization from the original financing will stay in place. Love Funding was also able to add an additional $45,000 to the property’s outstanding reserve balance.
“Once again, Love Funding has brought us debt-service relief,” said Steven C. Rother, President of Gates Manor, LLC, the facility owner and operator. “Laura made the process seem simple, quickly securing the HUD commitment while allowing us to do what we do best – serve our residents.”
For more information, contact Laura Saull-Smith at (202) 887-1851.