Gerhart of Love Funding closes $9.526 million for three properties

According to national mortgage-banking firm Love Funding, its Cleveland office recently closed three loans, totaling $9.526 million for two assisted living facilities and one multifamily housing complex located in three different states. Midwest regional director Bruce Gerhart secured $8.825 million in financing for two assisted living facilities in New York and Michigan. He closed a $4.9 million refinance loan for the Eden Heights of Eden, which contains 74 units and 120 beds. Terms of the loan, which was financed through HUD's 232/223(f) loan program, include a 6.05% interest rate and a 33-year amortization. Gerhart also secured a $3.925 million loan through HUD's 241(a) program for the 131-unit Appledorn Living Center III, located in Holland, Mich. Terms include a 7.5% interest rate and a 31-year amortization. The proceeds of the loan are being used for a 30 unit addition and the retrofitting of the heating and air conditioning systems with a geothermal field for long term energy efficiency. Love Funding's Cleveland office is also credited with closing a $701,200 refinance loan for the 25-unit Muskingum Arc Apartments, a 16,320 s/f multifamily housing complex located in Zanesville, Ohio. Love Funding was able to secure financing for the borrower through HUD's 207/223(f) loan program and lock in a fixed interest rate of 6.25 percent, with a 35-year term. The loan will also help the borrower finance the construction of a 1,328 s/f activity building and parking lot. The transaction was aided with a grant from the Ohio Housing Finance Agency, which will cover all critical and non-critical repairs that the borrower will make to the property. 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 Atlanta, Boston, Chicago, 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, affordable housing, senior housing, healthcare, hospitality, office buildings, retail, light industrial, and special purpose properties. Love Funding's lending sources include CMBS firms, life companies, banks, credit companies, FNMA, FHLMC and FHA.