Love Funding Secures $9.22 Million Refinancing for Allegany Health Nursing and Rehabilitation Center

$9.22M by Laura Saull-SmithLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $9.22 million loan refinancing for Allegany Health Nursing and Rehabilitation Center in Cumberland, Maryland.
 
Love Funding Senior Director Laura Saull-Smith of the Washington office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. Using the program enabled Saull-Smith to lock in a low fixed interest rate over a 35-year term.

 HUD’s 232/223(f) loan insurance program allows for the purchase or refinance of senior housing properties that are at least three years old and have not undergone any substantial rehabilitation in the last three years.
 
The subject property, which was built in 1979, is owned by Allegany Healthcare Group LLC and operated by Mid-Atlantic of Cumberland LLC, a subsidiary of Mid-Atlantic Healthcare LLC. The facility holds 146 beds in 78 units, though it is licensed for 153 beds.
 
For more information, contact Laura Saull-Smith.

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