Love Funding recently closed on a $6.51 million loan refinancing for Villa at the Lake, located in Conneaut, Ohio.
The 100-bed assisted living center was the subject of HUD’s first-ever LEAN acquisition transaction, when Randall Residence closed on it in December 2008. Love Funding First Vice President Robert Smallwood secured the refinancing loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program.
The loan enables the property’s owners to generate nearly $50,000 in annual debt savings and pay off an 8% prepayment penalty through the sale of a Ginnie Mae mortgage-backed security and proceeds from the loan.
Villa at the Lake is one of four projects Love Funding has financed for Randall Residence utilizing both LEAN and 232 programs.
Written by Alyssa Gerace