Love Funding closed a $17.8 million loan for the construction and permanent financing of Heritage Oaks Assisted Living and Memory Care, a proposed healthcare facility in Englewood, Florida. Financing for this project was secured by Love Funding Senior Director Tammy Tate through the U.S. Department of Housing and Urban Development’s Section 232 loan insurance program. The program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term.
Heritage Oaks will be located in the Grove City area of southwest Englewood, a moderately populated snowbird destination with an increasing senior population. It will offer 126 assisted living beds in 118 units, including 94 traditional assisted living beds in 86 units and 32 memory care units. The facility will be housed in a two-story building on a 10-acre site that will be part of a 60-acre senior living campus. Once the property is completed, the development team will continue developing the adjacent land. Phase II will offer active independent living that will focus on wellness, fitness and healthy living.
The Heritage Oaks development team has more than a century of combined experience in the healthcare industry. CDH Partners of Marietta, GA was the design architect for Heritage and the construction is being led by Core Construction Services of University Park, Florida. The property will be managed by Beacon Communities, Inc. Beacon is a senior housing management company founded by David Johnston in 2000, and it has managed and operated more than 50 independent, assisted living and memory care facilities in more than 15 states over the past 15 years.