Love Funding Secures $4.8M Refinancing for Assisted Living Property in North Carolina

LEXINGTON, N.C. — Love Funding has provided a $4.8 million refinancing for Grayson Creek of Welcome, an assisted living and memory care facility in Lexington, about 20 miles south of Winston-Salem.

The community features 42 private and shared units and is part of North Carolina’s Medicaid home and community-based services waiver program.

Love Funding’s Ken Charbauski secured the financing through the U.S. Department of Housing and Urban Development’s 232/223(f) loan insurance program. The mortgage insurance allows Love Funding to provide low-rate, non-recourse financing for a 35-year term. 

With this transaction, the family-owned Southland Real Estate LLC was able to refinance the debt associated with the facility and secure long-term financing with a HUD-insured loan to halt its previous floating-rate loan.