Love Funding Closes $5.02 Million Refinancing for Heritage Manor Skilled Nursing and Rehabilitation Center


$5.02M Refinancing by Robert SmallwoodLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.02 million loan refinancing for Heritage Manor Skilled Nursing and Rehabilitation Center in Minster, Ohio.
 
Love Funding Senior Director Robert L. Smallwood of the Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. Using the program enabled Smallwood to lock in a low fixed interest rate over a 33-year term, generating approximately $215,000 of additional cash flow each year, plus $215,000 for repairs and replacement reserves.

The subject property, which was built in 1977, is operated by a subsidiary of Vrable Healthcare Inc. and holds 109 beds in 61 units. In September, Smallwood secured financing for two loans totaling $12.3 million to assist Columbus, Ohio-based Vrable in the acquisition of two Ohio skilled nursing facilities.
 
HUD’s 232/223(f) loan insurance program allows for the purchase or refinance of senior housing properties that are at least three years old and have not undergone any substantial rehabilitation in the last three years.
 
For more information, contact Robert L. Smallwood.

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