Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $7.21 million loan to fund the acquisition of Walnut Grove Nursing and Rehabilitation Center, a 102-bed skilled nursing facility in Springdale, Arkansas.
Love Funding Senior Director Laura Saull-Smith of the Washington D.C. office secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. The program provides non-recourse financing for the purchase or refinance of existing assisted living, memory care and intermediate or skilled nursing facilities.
The processing of the loan set a HUD record for 2014, taking only 111 days from the time the application entered the queue at HUD to loan closing. Saull-Smith has closed approximately $75 million in transactions for the borrowers over the past decade. “We really appreciate all that Laura has done for us over the years and on this specific project,” said co-owner Bobby Rotolo.
For more information, contact Laura Saull-Smith at (202) 887-1851.