Love Funding Secures $28 Million Loan Refinancing for Two Skilled Nursing Facilities in Miami


Arch-Plaza-SNFLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of two loan refinancings totaling $28 million for skilled nursing facilities that are part of the Plaza Health Network.
 
The two facilities involved are Arch Plaza Nursing and Rehabilitation Center and Ponce Plaza Nursing and Rehabilitation Center. They are among nine senior care facilities in the Miami area that are part of the Plaza Health Network and owned by independent affiliates of the Hebrew Homes Health Network, a not-for-profit organization.  The Plaza Health Network was created in 1954, when a group of Jewish women from Miami Beach founded the Hebrew Home of Miami Beach, a 12-resident convalescent home for elderly Jewish people and war veterans.

Arch Plaza, which offers 98 beds, was built in 1962 and underwent a substantial renovation and addition in 2000. Ponce Plaza, which has 147 beds, was built in 1968 and added an addition in 2002.
 
Love Funding’s Washington D.C. office secured the loan through the U.S. Department of Housing and Urban Development’s Section 232/223(f) LEAN program. Using the program enabled the borrower to lock in a low, fixed-rate, non-recourse loan for a 30-year term.

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