Love Funding Secures $4.8 Million Loan for Refinance of Assisted Living and Memory Care Facility in North Carolina
Love Funding closed a $4.8 million loan for the refinance of Grayson Creek of Welcome, an assisted living and memory care facility in Lexington, North Carolina. Grayson Creek of Welcome consists of 42 private and shared units. The facility is part of North Carolina’s Medicaid home and community-based services waiver program. This program covers room, board and care services for low-income residents in adult care homes.
Love Funding Director Ken Charbauski secured the financing through the U.S. Department of Housing and Urban Development’s 232/223(f) loan insurance program. The mortgage insurance allows Love Funding to provide low-rate, non-recourse financing for a 35-year term. With this transaction, the family-owned Southland Real Estate, LLC was able to refinance the debt associated with the facility and secure long-term financing with a HUD-insured loan to halt their previous floating rate loan.