Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.76 million loan for additions and upgrades to The Hermitage at St. John’s Creek and Solomons Nursing Center, a 133-bed skilled nursing and assisted living facility in Solomons, Maryland.
Love Funding Senior Director Laura Saull-Smith of the Washington D.C. office obtained the loan through the U.S. Department of Housing and Urban Development’s Section 241(a) program, which allows for secondary financing for the purpose of upgrading furnishings and/or for complete renovations and additions in order to help meet demand in the local market.
The loan will allow the owner, Les Breckenridge, to expand the property and add a new wing that will include 12 private skilled nursing rooms and a new dinning room. Additionally, 23 private assisted living rooms will be constructed.
Saull-Smith also secured the $6,363,000 loan closed in December 2013 that allowed the borrower to make repairs to the property, generated debt-service savings, and extended the loan term. Extending the loan’s term and amortization schedule allowed Love Funding to conservatively underwrite the new 241(a) loan.
“Love Funding proved to be exemplary in guiding this process,” said Les Breckenridge, owner of the mortgagor and management agent, Vintage Health Care, LLC. “This was an excellent outcome for our building and we feel quite smart in choosing Love Funding to make our plans a reality.”
For more information, contact Laura Saull-Smith at (202) 887-1851.