Project Description

Love Funding closed an $8.56 million loan for the construction and permanent financing of Viera Manor Assisted Living Facility, a new assisted living center in Viera, Florida, that provides much-needed housing for U.S. veterans. Love Funding secured the loan through the U.S. Department of Housing and Urban Development’s Section 232 loan insurance program. The program backs loans made for the new construction or substantial rehabilitation of assisted living, memory care, and intermediate or skilled nursing facilities.

“This innovative VA program is designed to give veterans access to high-quality, affordable housing that meets all of their needs,” said John Goode, a managing member at INVENCO. “We are proud the VA chose us to provide that level of service to the men and women who have provided so much for our country. The Love Funding team guided the financing to an optimal outcome. The tenacity and commitment they demonstrated in providing all the services this one-of-a-kind financing required was truly remarkable.”

The property’s developer and operator, INVENCO Seniors Housing LLC, is pioneering a unique operating plan to help U.S. veterans find affordable housing solutions. Viera Manor gives veterans priority admission for 80 percent of available units, in addition to a 10 percent discount off of estimated market rental rates. The facility has 86 units and 102 licensed beds. Veterans who reside there are able to take advantage of the Veterans Association Clinic, which is adjacent to the property.

RELATED EXPERIENCE

DEAL OVERVIEW

LOCATION

Viera, FL

LOAN DETAILS

232 new construction
40-year term

PROPERTY TYPE

Assisted living facility (ALF)
86 units and 102 beds

DATE CLOSED

March 30, 2012