Love Funding recently announced that it has closed an $11,467,400 refinance loan for nine assisted living facilities located throughout the Boise, Idaho area. The borrower, The Cottages II, LLC, closed the transaction with the HUD 232/223(f) loan program where terms of the deal included a 6.47 percent fixed interest rate at a 35-year amortization. The nine assisted living facilities each include 15 beds and are located in six sites throughout Boise. The smaller size and scattered location of the facilities made it challenging to obtain financing.
“In a difficult credit market, it was especially challenging to find excellent long-term financing, particularly for our smaller-sized assisted living homes that are in scattered sites and in different counties,” said Garold Maxfield, CEO of The Cottages II, LLC. “Chad Ricks and the rest of the dedicated team at Love Funding took the project on as a challenge all the way to a successful conclusion. This financing is superior to any other options that are available in the existing market.”
For more information on the transaction, click here.
