TODAY’S DEALS: Love Funding Closes $1.1M HUD 232/223(f) Skilled Nursing Facility Acquisition Loan, and Other Transactions

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…

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.

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