LOVE FUNDING ARRANGES $6.51 MILLION LOAN USING HUD’S NEW LEAN PROGRAM

CONNEAUT, OHIO — Love Funding has processed one of the first applications under the LEAN loan program, HUD’s new healthcare program for acquisition, refinance, new construction and substantial rehabilitation loans. The LEAN program, which was formed to make the HUD 232 program process easier and more efficient, provides non-recourse assumable loans for new and existing assisted living, board and care, and intermediate or skilled nursing care facilities. Robert Smallwood of Love Funding’s Cleveland office used the LEAN processing to secure an approximately $6.51 million acquisition loan for Villa at the Lake, an assisted living facility located in Conneaut. Situated on an approximately 8.6-acre site, the 59,125-square-foot facility includes 90 single units and single-deluxe suites. Financing was based on a 6.4 percent fixed interest rate, with a 35-year amortization schedule. The loan marks the fourth deal that Love Funding has completed for Lawton, Mich.-based Randall Residence.