Love Funding Secures $20.1 Million Bridge Loan for Construction of Assisted Living Facility in Anchorage, AK
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $20.1 million bridge loan for the construction and mini-permanent financing of Baxter Senior Living, a new assisted living facility in Anchorage, AK.
Baxter Senior Living will offer 63 private assisted living units and 33 private and semi-private memory care units in a purpose-built, private-pay facility. The property will incorporate state-of-the-art modern elements not currently found in the market place, including a theater, café and pub, fitness studio and art center. The facility will have the added advantage of being in a prime location in Anchorage’s U-Med district, less than two miles from three hospitals.
“There is a huge demand for a new, high-quality assisted living community in Anchorage – for too long, Alaskans and their families have had to look to the Lower 48 to find senior living communities which fully met their needs. We’re delighted to say that this is all set to change,” said JR Wilcox, president of Baxter Senior Living.
The bridge financing was secured by Love Funding Senior Director Holly Bray, with Funding provided by Love Funding’s parent company, Midland States Bank. First National Bank Alaska also served as a participant in the loan. The loan will help the borrower immediately move forward with the project before it obtains long-term financing through the U.S. Department of Housing and Urban Development’s (HUD’s) Section 232/223(f) program.
“There are many advantages of our bridge loans” commented Bray. For Baxter Senior Living, our bridge construction loan means construction will not be delayed and can proceed throughout the winter months resulting in delivery of the completed project sometime next summer.”
Love Funding introduced the bridge loan platform in May 2015 as a means for providing interim funding support for acquisition and refinancing applications on HUD multifamily and healthcare loans. The platform was later expanded to include tax credit equity bridge loans, and construction/mini-perm financing for multifamily and healthcare development.