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