Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of $7.86 million loan refinancing for Whitcomb House, an assisting living and memory care facility in Milford, Massachusetts.
Leonard A. 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.
For more information, contact Leonard Lucas.