Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of an $8.06 million loan refinancing for Magnolia Gardens, a 120-bed assisted living community in Toms River, New Jersey.
Love Funding secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan program. Utilizing the program enabled the property’s owner to obtain a lower rate and extend the loan term to 35 years, generating more than $70,000 in annual debt service savings. The property was also able to successfully absorb a 5 percent prepayment penalty with this refinance.
Magnolia Gardens, a three-story facility built in 2001, became a HUD insured property in 2006, when Love Funding refinanced the original mortgage through the agency’s 232/223(f) program. The family-owned business is on a sprawling 5.1 acre parcel of land, and features premier long-term care, sub-acute and rehabilitation services, and an open layout that encourages a wide variety of activities, entertainment and social events.
“We’re a family-owned business and are dedicated to taking care of our residents at Magnolia Gardens and at all our facilities 24 hours a day, 7 days a week,” said Robert Lapid, chief financial officer of Magnolia Gardens South, L.P. “Over the years, we’ve worked with [Love Funding], also a family-owned and operated business, and they have consistently shown a level of dedication few can match. We’ll definitely be back for our next loan.”