November 23, 2015
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $11.3 million bridge loan to help fund the transition from construction to permanent financing for a new assisted living and memory care center under development in Carbondale, Illinois.
Once finished, Landings of Carbondale will house 92 units and sit on a 6.5 acre site on the northeast side of Carbondale. The facility will be owned by The Landings of Carbondale, LLC , is being developed by Fricke Management and managed by Revere Healthcare.
The bridge financing was secured by Love Funding Senior Director Robyn Cunningham and Director Adrian Hartman. Love Funding introduced the bridge platform earlier this year to provide interim funding support for acquisition and refinancing applications on HUD multifamily and healthcare loans. Love Funding then expanded the platform to provide construction and mini-perm financing for multifamily and healthcare projects ahead of the long-term, permanent financing with a HUD loan.
The program will enable the borrowers to transition from a construction loan provided by Midland States Bank to long-term financing three years after completion of the facility. Midland States Bank bought Love Funding and its parent company, Heartland Bank, at the close of 2014. The acquisition gave Love Funding access to additional capital and paved the way for financing partnerships such as the one involved in this transaction. The permanent loan will be secured by Love Funding through HUD’s 232/223(f) loan program.
Trace B. Brown, facility co-owner, said “We live in a great area here in Southern Illinois and we wanted to offer a new community for seniors to enjoy it. We worked on the idea of bringing a new assisted living community to the area for a couple years but when we began working with Midland States Bank and Love Funding, the process moved very fast and efficiently.”
For more information, contact Robyn Cunningham at (314) 512-7955 or Adrian Hartman at (314) 512-8736.
November 10, 2015
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $19.7 million loan for the construction and permanent financing of Anthem Lakes, a new assisted living community under development in Jacksonville, Florida.
Anthem Lakes will offer 117 licensed beds, of which 34 will be designated for memory care and 83 for assisted living. An additional 20 units are reserved for independent living. The facility will be situated on 14.5 acres in an area of Jacksonville, Florida known as The Beaches. The senior housing community is located next to the Mayport Naval Base and Air Station and will serve the large veteran community of Duval County.
November 2, 2015
Regional Director Bruce P. Gerhart, Senior Director Holly Bray and Directors David Hirsch and David Opalek will be attending the upcoming AHF Live Summit November 18-20, 2015 in Chicago, IL. We will be at booth #44 throughout the conference. Stop by to learn more about our financing solutions for affordable housing or contact us today to schedule a meeting at the conference.
November 1, 2015
Director Ann Bolen will be attending the Virginia Governor’s Housing Conference November 18-20, 2015 in Hampton Roads, VA. Look for Ann there to learn more about our financing solutions for affordable housing.
October 29, 2015
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Love Funding has been busy this quarter expanding our interim financing options and introducing a new member of our team, La Fonte Nesbitt, as our General Counsel. We are excited to see the many ways in which these expanded capabilities will greatly benefit our valued customers. HUD also has several updates related to the LIHTC Pilot Program and the 232 queue that we are closely following. As we prepare for the Fall 2015 FHA Lenders Roundtable and future Love Funding quarterly newsletters, please send us suggestions for the news and updates you would like to know more about. Let’s start a conversation. Continued…