Mid Atlantic Real Estate Journal — Financial Digest — May 11 - 24, 2012 — 13A
www.marejournal.com
F inancial D igest
Llenrock closes $9.75m in permanent financing
umberland, MD — Love Funding an- nounced the closing U.S. Dept. of Housing & Urban Dev.’s 232/223(f) loan Love Funding secures $9.22 million refinancing C
Harrisburg, PA—Llen- rock Group, an independent advisory firm in Philadel-
previous 12 months because of the hotel’s strong perfor- mance. According to Andrew Be- nioff, Llenrock’s founder and managing partner, “We weren’t initially focused on Central Pennsylvania, but it has shown surprising funda- mentals and resiliency over the last few years. That in conjunction with the experi- ence and background of our borrower contributed to a successful deal.” Located near the state capitol and the Pennsylva- nia Turnpike, the hotel also benefits from nearby market drivers such as Hershey Park and Pennsylvania Dutch Country. n
phia, has se- cured a to- tal of $9.75 mi l l i on i n permanent financing for a Courtyard by Marriott. T h e h o - tel features
of a $9.22 million loan refi- nancing for Allegany Health Nursing and Rehabilitation Center. Love Funding senior direc- tor Laura Saull-Smith of the Washington office secured the loan through the U.S. Depart- ment of Housing and Urban Development’s 232/223(f) loan program. Using the program enabled Saull-Smith to lock in a low fixed interest rate over a 35-year term. HUD’s 232/223(f) loan insur- ance program allows for the purchase or refinance of senior housing properties that are at least three years old and have not undergone any substantial rehabilitation in the last three years. The subject property is owned byAllegany Healthcare Group LLC and operated by Mid-Atlantic of Cumberland LLC. In Amherst, Massachusetts, Love Funding closed a $6.56 million loan refinancing for Brandywine atAmherstApart- ments, a 180-unit apartment complex. Saull-Smith secured the loan through the U.S. Depart- ment of Housing and Urban Development’s 223(a)(7) loan program. Using the program enabled Saull-Smith to lock in a low fixed interest rate and ex- tend the loan back to its origi- nal 35-year term, generating more than $90,000 of annual debt service savings. Brandywine consists of 60 one-bedroom units and 120 two-bedroom units. The com- plex was built in 1973 and has been refinanced by Love Funding twice before to secure a lower interest rate. “We had such a great experi- ence with Love Funding in the past, and we really benefited from coming back once again with essentially the same team in place,” said Erica Arbron, president of Snow Asset Man- agement Inc. “It really couldn’t have gone any better.” HUD’s 223(a)(7) program, which covers the refinancing of existing FHA-insured multi- family rental properties, allows up to 12 years to be added to the remaining term on existing HUD-insured loans, as long as it does not exceed the original term. n
Andrew Benioff
over 100 rooms and is lo- cated outside of Harrisburg, PA. Its loan was provided by Bank of America Merrill Lynch. Though it is custom- ary for the lender to review the prior 14-24 months of loss/profit data, the lender only reviewed records for the
Allegany Health Nursing and Rehabilitation Center
$3,470,000 Acquisition Monroeville, PA Rite Aid – Retail 13,000 S/F
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180 Sylvan Avenue Englewood Cliffs, NJ 07632 | P 201-947-2300 | F 201-947-2323 | Deerwoodcap.com
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