NJ Senior Community Lands $8M Refi
Magnolia Gardens Assisted Living was subject to a 35-year loan. Laura Saull-Smith arranged the financing for the 79-unit community located in Toms River, N.J.
By Alex Ciorogar
Love Funding provided $8 million for the refinancing of Magnolia Gardens Assisted Living Facility in Toms River, N.J. Being one of the nation’s leading providers of FHA multifamily, affordable and health-care sponsoring, the company’s loan will also be used for a set of general repairs. Managed by ML Healthcare Associates Inc., the 79-unit property features 120 beds.
Love Funding’s Senior Director Laura Saull-Smith secured the financing. Stretching over a 35-year term, the new financial scheme locks in a lower interest rate that will generate significant debt service savings.
The U.S. Department of Housing and Urban Development’s (HUD) 232/223(a)(7) refinance loan insurance program allows a 12-year extension beyond the original mortgage term for FHA-insured properties. More than 10 years ago, Magnolia Gardens Assisted Living Facility was being refinanced under HUD’s 232/223(f) loan program.
“We’re a family-owned business and are dedicated to taking care of our residents at Magnolia Gardens and all our facilities 24 hours a day, seven days a week,” said Robert Lapid, CFO of Magnolia Gardens South LP, in prepared remarks. “Over the last 15 years, we’ve worked with Laura and her team at Love Funding, and they have consistently shown a level of dedication few can match. We’ll definitely be back for our next loan.”
Image courtesy of Love Funding