National mortgage-baking firm Love Funding’s Boston office has closed seven loans totaling $32.6 million for a portfolio of 10 nursing home facilities in Massachusetts and Maine.

Leonard Lucas, first vice president and senior loan originator with Love Funding’s Boston office, originated the transactions. The loans were secured at 4.6 percent fixed interest rate with a 35-year term for each loan.

Lucas secured $3.4 million for the only Massachusetts-based facility included in the portfolio, the Rosewood Manor Rest Home, which is a 27-unit, 33-bed facility in Harwich.

The other nine properties are located throughout Maine and include: the Southridge Rehab & Living Center ($5.95 million), a 53-unit, 111-bed facility in Biddeford, Maine; the Heritage Living & Rehab Center ($2 million), a 29-unit, 52-bed facility in Winthrop, Maine; the Borderview Rehab & Living Center ($4.7 million), which consists of 71 units and 108 beds in Van Buren, Maine; the 37-unit, 74-bed Courtland Rehab & Living Center ($2.7 million) in Ellsworth, Maine; Maplecrest Rehab & Living Center ($2.1 million), which is located in Madison, Maine and includes 58 beds and 29 units; the 19-unit, 34-bed Somerset Rehab & Living Center ($1.5 million) in Bingham, Maine; Sonogee Rehab & Living Center ($4.3 million), a 44-unit, 75-bed facility in Bar Harbor, Maine.; the 34-unit, 38-bed Orchard Park Rehab & Living Center ($3.5 million) in Farmington, Maine; and Edgewood Rehab & Living Center ($2.6 million), a 29-unit, 55-bed facility also located in Farmington, Maine.

 

Love Funding Secures $32.6M In Loans For Nursing Home Portfolio

by Banker & Tradesman time to read: 1 min
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