March 22, 2017
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $2.6 million FHA loan to take out bridge financing used to fund the acquisition of an assisted living and memory care facility in Tomball, Texas.
Love Funding Senior Director Leonard A. Lucas of the Boston office obtained the bridge loan from Love Funding’s parent company, Midland States Bank, in January. The new loan, secured through the U.S. Department of Housing and Urban Development’s Section 232/223(f) program, will pay down the bridge loan and provide low-rate, non-recourse financing for a 35-year term.
The bridge loan made it possible for the buyer to move forward with the transaction on the seller’s timeframe. Love Funding’s affiliation with Midland helped keep the financing costs down, despite the very short-term nature of the bridge loan.
March 14, 2017
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $6.8 million bridge loan for the construction of a new assisted living and memory care center under development in South Jordan, Utah.
Our House of South Jordan will offer 62 beds in the new 42,000-square-foot facility being built by a team led by Giza Development LLC and which also includes Stout Construction and Primera Group. The facility will be operated by SAL Management Group LLC.
The bridge financing was secured by Love Funding Senior Director James Vanar of the Los Angeles office, with funding provided by Midland States Bank, the parent company of Love Funding. This is the second bridge loan Vanar has obtained for Giza Development, which needed bridge financing to start construction of Shadow Valley Assisted Living and Memory Care in Ogden, Utah last year.
February 8, 2017
By Brad Stanhope
February 8, 2017
Planning for the West 25th Street Lofts, an 83-luxury apartment complex with a commercial component, began in 2008. It is open, thanks in large part to state and federal historic tax credit (HTC) equity and a HUD 221(d)(4) loan guarantee. Those financial tools helped overcome the Great Recession, a landmark historic tax credit ruling and other issues faced by the developers in the now-chic Ohio City neighborhood.
The building has 83 historic apartment lofts with modern amenities. “It’s good to see it come to fruition and see the way you envisioned things do in fact materialize,” said Rick Foran, the owner of Foran Group Development and co-developer with Chris Smythe of Smythe Property Advisors. “It’s as good as we thought and maybe better.”
February 5, 2017
Love Funding healthcare finance experts Leonard A. Lucas and Kate Murray will be sponsoring the upcoming NIC Spring Investment Forum March 22-24 in San Diego, CA. Contact us today to schedule a meeting in Love Funding’s meeting room (Cobalt 502B).
February 1, 2017
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $4.6 million loan to refinance Devonshire Retirement Village, a 40-bed assisted living and memory care center in Lapeer, Michigan.
Love Funding Midwest Regional Director Bruce Gerhart secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan insurance program. The non-recourse nature of the program enables borrowers to obtain low-rate financing for up to 35 years for the purchase or refinance of existing long-term healthcare facilities.