Love Funding announced the closing of six loans totaling $46.3 million for the refinancing of a portfolio of skilled nursing facilities in Ohio.
Senior director Robert Smallwood of Love Funding’s Cleveland office secured the loans through the U.S. Department of Housing and Urban Development’s LEAN loan insurance program.
The non-recourse nature of the program enables borrowers to obtain low-rate financing for up to 35 years for the purchase or refinance of existing long-term healthcare facilities.
Smallwood and Love processed the six loan transactions under a master lease that also included another property previously refinanced in 2014. The properties have 430 units.
