Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $25.9 million loan refinancing for Windemere Park, a senior community in Warren, Michigan.
Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. The program provides loan insurance to support the refinance or purchase of healthcare projects that are more than three years old and don’t require substantial rehabilitation.
The property’s owners will use part of the proceeds from the refinancing to convert three floors of the facility’s six-story independent living building to assisted living and skilled nursing. The renovated property will have a projected total of 66 independent living beds, 120 assisted living beds and 92 skilled nursing beds.
For more information, contact Bruce Gerhart at (216) 583-0812.