Love Funding closed an $8.05 million loan for the refinancing and repair of Magnolia Gardens Assisted Living Facility in Toms River, New Jersey. The financing was secured by Love Funding Senior Director Laura Saull-Smith through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) refinance loan insurance program. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to 12 years beyond the original mortgage term. Magnolia Gardens Assisted Living Facility was previously refinanced in 2006 under HUD’s 232/223(f) loan program. The current refinancing, which locks in a lower interest rate for a 35-year term, will generate significant debt service savings.
“We’re a family-owned business and are dedicated to taking care of our residents at Magnolia Gardens and all our facilities 24 hours a day, seven days a week,” said Robert Lapid, chief financial officer of Magnolia Gardens South, L.P. “Over the last 15 years, we’ve worked with Laura and her team at Love Funding, and they have consistently shown a level of dedication few can match. We’ll definitely be back for our next loan.”
Magnolia Gardens Assisted Living Facility consists of 79 units and 120 beds. The property was built in 2002 and will continue under the management of ML Healthcare Associates. Inc. For more information, contact Laura Saull-Smith at (202) 887-1851 (w) or (202) 422-9694 (m).