Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $2.81 million loan refinancing for White Oaks, a 72-bed assisted living and dementia care facility in Lawton, Michigan.
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 helped generate approximately $28,500 in annual debt savings and pay off a 6 percent prepayment penalty through the sale of a Ginnie Mae mortgage-backed security and proceeds from the loan.
White Oaks was the first assisted living center acquired by Chuck and Barbara Randall back in 1975. Today, the Randall family owns six assisted living properties in Ohio and Michigan. The White Oaks refinancing marks the third HUD transaction Smallwood has closed for the Randall family since September, providing a total annual debt savings of approximately $119,000.