Love Funding Secures $8.03 Million Refinancing for Commonwealth Assisted Living at Kilmarnock


Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of an $8.03 million loan refinancing for Commonwealth Assisted Living at Kilmarnock, an assisted living facility located in Kilmarnock, Virginia.
 
Love Funding Director Joshua Hausfeld of the Washington office secured the financing through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. Using the program enabled the property’s owner to lock in a low, fixed interest rate for a 35-year term, generating significant debt service savings.

The property, which is based in Kilmarnock, Virginia, was built in 1998, with an addition in 2004. A 962-square-foot dining room was added in 2009, and one of the facility’s wings was converted to memory care use. The property is currently operating 71 beds in 59 units with 18 dedicated memory care beds.
 
The operator of the facility, Commonwealth Assisted Living, did a “tremendous job” leasing up the memory care units and improving overall operations to help win HUD’s approval of the transaction, Hausfeld said.
 
For more information, contact Joshua Hausfeld.

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