Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $10.1 million construction-to-permanent loan for Orchard Park of Pearland, an assisted living and memory care center under development in Manvel, Texas.
Love Funding Senior Director Joshua Hausfeld secured the loan through the U.S. Department of Housing and Urban Development’s Section 232 LEAN program for new construction of healthcare facilities. Using the program enabled the property’s owners – McFarlin Group and Stroud Development – to lock in a non-recourse loan at a low fixed interest rate for the duration of the construction period and 40-year permanent loan term.
The facility is scheduled to open in 2014 and once completed will house 57 assisted living beds in 50 dedicated units, and 40 memory care beds in 25 units. Orchard Park of Pearland is the fourth construction project that Hausfeld has helped McFarlin Group finance in the state of Texas through HUD’s 232 program. He also obtained financing for similar facilities in Odessa, Murphy and McKinney.
Texas has one of the largest senior populations in the country and the impending wave of aging Baby Boomers will support strong demand for assisted living and memory care services over the coming decades. McFarlin Group has focused on developing high-quality assisted living and memory care communities to meet these growing needs throughout Texas. The company currently has seven facilities in various stages of development along with several additional sites under consideration.
For more information, contact Joshua Hausfeld at 202/887-1817.