Love Funding Secures $8 Million in FHA Financing for LTC Facility

Love Funding has secured $8.06 million in Federal Housing Administration funding for the refinancing of a New Jersey assisted living community. A 120-bed community in Toms River, New Jersey, Magnolia Gardens will receive the funding through the Department of Housing and Urban Development’s (HUD) 232/223(a)(7) loan program.

The program will allow for the property owner to obtain a lower rate and extend its loan term to 35 years, generating more than $70,000 in annual debt service savings, Love Funding says. Additionally, the property was able to absorb a 5% prepayment penalty through the refinance. The financing was secured by Love Funding’s Laura Saull-Smith, senior loan originator and senior vice president.

The Magnolia Gardens property includes long-term care, sub-acute and rehabilitation service.

Written by Elizabeth Ecker




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