Love Funding, one of the nation’s leading providers of multifamily housing and healthcare financing, announced the closing of two loans totaling $12.3 million to assist Vrable Healthcare, Inc. of Columbus, Ohio in the acquisition of two Ohio skilled nursing facilities
The two facilities are Southern Hills Skilled Nursing and Rehabilitation Center in Middleburg Heights and Abbyshire Place Skilled Nursing and Rehabilitation Center in Bidwell. Vrable bought the properties through two subsidiaries that operated the facilities for the past five years under an option to purchase.
Robert L. Smallwood, first vice president in Love Funding’s Cleveland office, secured both loans through the Federal Housing Administration’s 232/223(f) LEAN loan program for long-term care facilities. The transactions allowed Vrable to protect earned purchase deposits that were credited toward FHA’s equity requirements for the financing, and to protect significant investments its subsidiaries made in equipment and improvements. Smallwood also worked closely with the buyer and seller to bring the purchase agreement in line with the appraisal of each property, maximizing the amount that could be financed through the FHA’s loan programs.
“This was our first experience with the LEAN process and Bob’s knowledge of the LEAN program and his experience with the LEAN process was invaluable to the transaction,” said Al Vrable, president, chief executive officer and owner of Vrable Healthcare. “He assisted us through each step of the transaction and kept us completely up to date as our projects moved through LEAN’s processing queue and into closing.”
Mr. Smallwood may be reached at (216) 583-0791 or firstname.lastname@example.org.