MIAMI—Love Funding closed a $361.4 million loan modification for the Medical University Hospital Authority (MUHA) in Charleston, South Carolina. MUHA, a division of the State of South Carolina, owns and operates the Medical Center of the Medical University of South Carolina (MUSC Health).

Secured through the U.S. Department of Housing and Urban Development's Section 242 loan insurance program, the deal marks the third-largest hospital loan in the agency's history. Steven Hunt, Love's senior director of Hospital Finance, secured the financing. Matthew Andrea, vice president and senior underwriter at Love, underwrote the deal.

"Over the past few years, several hospitals in HUD's portfolio have reduced their interest expense through either a loan modification or by refinancing," says Hunt. “We are excited that the agency is expected to announce a new refinance program this year—FHA 242/223(f)—that will allow a wide variety of hospitals to obtain long-term, fixed-rate, non-recourse financing at the best interest rate available in the market."