TODAY’S DEALS: Love Funding Closes $1.1M HUD 232/223(f) Skilled Nursing Facility Acquisition Loan, and Other Transactions
- Apr 10, 2009
By Anuradha Kher, Online News Editor Houlton, Maine–Love Funding recently closed a $1.1 million HUD 232/223(f) loan to finance the acquisition of a skilled nursing facility. Love is a fully approved LEAN HUD lender; however, this loan was started under HUD’s MAP processing. Love Funding closed the loan to finance MAAKF Inc.’s acquisition of the Gardiner Healthcare Facility, a 55-bed skilled nursing and residential care facility located in Houlton, Maine. The property, originally built in 1963, sold for $950,000 or $17,273 per bed. The non-recourse loan represents a loan-to-acquisition cost ratio of 116 percent because the loan also provided $155,000 for property improvements and funded all finance-related costs. The loan-to-value ratio is 85 percent, and the loan carries a 6.15 percent interest rate for the 35-year, self-amortizing term. The debt service coverage ratio, including the .50 percent MIP (mortgage insurance premium) is 1.38. NorthMarq Capital Arranged $16.35M Mortgage for 300-Unit Rental CommunityChicago–NorthMarq Capital has arranged first mortgage financing of $16.35 million for Pepperwood Apartments, a 300-unit multifamily property, located in Independence, Miss.Financing was based on a seven-year Capped ARM term with a 30-year amortization schedule and was arranged for the borrower, JVM Pepperwood Apartments LLC, by NorthMarq through its seller/server relationship with Freddie Mac.