Love Funding Secures $8.95 Million Loan Refinancing for Birmingham Health Center in Derby, Connecticut

Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare Birmingham-Health-Center financing, announced the closing of an $8.95 million loan refinancing for Birmingham Health Center, a 120-bed skilled nursing facility in Derby, Connecticut.
 
Love Funding Senior Director Leonard A. Lucas of the Boston office secured the loan through the U.S. Department of Housing and Urban Development’s Section 232/223(a)(7) LEAN loan program for long-term care facilities. Using the program enabled Lucas to lock in a low, fixed-rate over the remaining term of the original loan, generating significant debt service savings for the borrower.

Birmingham Health Center was built in 1965 and underwent renovations in 2003 to 2004. The facility is operated by Spectrum Healthcare, a Connecticut-based company that specializes in providing short-term rehabilitation programs and long-term nursing care.
 
In the last two months, Lucas has closed three loan refinancings for a portfolio of senior care facilities in Maine, and two separate refinancings for Country Villa Rehabilitation Center, a skilled nursing facility in Los Angeles.
 
For more information, contact Leonard Lucas at (617) 638-0055.

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