Love Funding Secures $8.06 Million Loan for Magnolia Gardens in Toms River, New Jersey

Washington, DC – Nov. 3, 2011 – 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 Senior Vice President and Senior Loan Originator Laura Saull-Smith 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 Saull-Smith 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 Laura and her team at Love, 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."

Magnolia Gardens is Saull-Smith’s second HUD loan closing in the state over the past month. A few weeks ago, she secured a $54.4 million loan refinancing for Parkview Towers, a 688-unit apartment community in West New York, New Jersey.

For more information, contact Laura Saull-Smith.

Related Posts

Lutz Care & Rehabilitation Center January 11 111 2011
Village at West Point February 21 221 2011
Clock Tower Apartments January 11 111 2012
NuVista Care January 11 111 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012
Dealmaker of the Day March 8 308 2012