Love Funding recently closed a $25.9 million loan refinancing for Edgerton Hospital and Health Services, a critical access hospital in Edgerton, Wisconsin.
The facility, which was built in 2011 with the help of an FHA-insured loan, provides acute inpatient care, swing bed care and around-the-clock emergency and urgent care, in addition to diagnostic services, rehabilitation and same-day surgery. The hospital is affiliated with SSM Health Care of Wisconsin.
Love Funding Senior Director of Hospital Finance Steven Hunt secured the loan through the U.S. Department of Housing and Urban Development’s 242/223(a)(7) loan insurance program. Using the program, which supports the refinancing of existing FHA-insured hospital loans, enabled the hospital’s owners to lock in a low-rate, non-recourse loan for a term of 21 years. Added up, the new loan will generate $244,000 a year in debt-service savings, or more than $5 million over the life of the loan.
