Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $6.16 million loan refinancing for Briarfield at Ashley Circle, a 98-bed skilled nursing facility in Austintown, Ohio.
Senior Director Robert Smallwood of Love Funding’s Cleveland office secured a 35-year loan term, lowered the interest rate, and increased debt service savings for the property’s owners through the U.S. Department of Housing and Urban Development’s 232/223(f) program.
Briarfield at Ashley Circle was built in 1980 and is owned by Ed and Diane Reese. Mr. Reese is chief executive officer of EDM Management Inc., which manages the facility. Mrs. Reese is the company’s president. The couple manages four other projects in Ohio: The Inn at Ironwood, The Inn at Glenellen, The Inn at Christine Valley and Briarfield Manor Skilled Nursing Facility. The refinancing will enable the Reeses to utilize new local conventional debt for acquisitions and/or new construction financing.
For more information, contact Robert Smallwood at (216) 583-0791.