Reenders refinances $10 million for assisted living centers
A Washington, D.C., lender has refinanced two assisted living centers in West Michigan.
Love Funding recently secured the loans from the U.S. Department of Housing and Urban Development for Railside Assisted Living Center in Byron Center and Sheldon Meadows Living Center in Hudsonville. The two loans are from the HUD LEAN loan program and both totaled $10.4 million.
Reenders Inc., a Grand Haven firm, has principal ownership in both facilities. Bruce Gerhart and Robert Smallwood, in Love’s Cleveland office, worked with Reenders to secure the financing. Gerhart said the firm has been a longtime client of his and Love’s.
In fact, Gerhart said Reenders has turned to Love Funding seven times in the past two years to refinance assisted-living properties and has saved more than $513,000 in annual debt service costs.
Railside, at 7955 Byron Center Ave. SW, offers 121 beds in 95 units. Sheldon Meadows, at 4482 Port Sheldon Road, has 129 beds in 98 units. Both facilities offer an array of services, including specialized memory care.
Reenders is the parent firm and founder of Heritage Property Management Inc., which operates 14 senior housing and assisted living centers. Thirteen are located in Michigan, with one in Indiana.
Love Funding is an approved HUD LEAN and MAP lender that has clients nationwide and a dozen offices located across the country. The firm offers refinance, construction and acquisition financing programs for multifamily, senior housing and health care facilities. Love Funding is one of the Love Companies, a St. Louis-based investing holding firm.