Senior Housing: Love Funding’s Boston Office Closes $5.280 Million Acquisition Loan for Portland, Maine Assisted Living Facility
Boston, Mass., Jan. 21, 2010…Love Funding today announced that its Boston office secured a $5,280,000 acquisition loan to finance the purchase of Fallbrook Woods in Portland, Maine. Leonard Lucas, First Vice President – Senior Loan Originator with the national mortgage-banking firm’s Boston office, originated the transaction.
Fallbrook Woods is a 56-unit assisted living/residential care facility built in 1993. The borrower purchased the facility for $6.2 million. At $5.280 million, the loan represented 85 percent of the purchase price. Lucas utilized HUD’s new LEAN processing in conjunction with the HUD 232/223(f) loan program, which provided the borrower with a 35-year, self-amortizing, fixed-rate loan. The interest rate is fixed at 4.67 percent, exclusive of HUD’s .50 percent annual mortgage insurance premium. Included in the loan were funds to cover the cost of $50,000 in needed repairs/improvements to the property.
For more information, call Leonard Lucas at 617.638.0055 or visit www.lovefunding.com.
Love Funding is one of the Love Companies, an investment holding company with origins dating back to 1875. Love Funding commenced mortgage-banking operations in 1984 and serves clients across the United States from its offices in Boston, Cleveland, Dallas, Detroit, Knoxville, New York, Palm Beach, St. Louis and Washington D.C. The company offers refinance, construction, and acquisition financing programs for multifamily, senior housing and healthcare facilities. The company is a fully-approved HUD LEAN and MAP lender.
