Leonard Lucas, first vice president and senior loan originator in Love Funding’s Boston office, secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. The program enabled the borrower to consolidate a first and second mortgage into a self-amortizing, 35-year, non-recourse loan with a low, fixed rate.
Whitcomb House, originally opened in 1950, was converted to an assisted living facility in 1996. One of three buildings on site was converted to a memory care center in 2000. Today, the property houses 66 beds in 55 assisted living units and 21 beds in 13 memory care units.