Love Funding (LFC), one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $16.4 million loan for the construction and permanent financing of a new senior apartment community located in a unique village center concept in McKinney, Texas. This is the second loan LFC and its local Dallas associate, Warsaw Realty Group has provided in this community to partners, David Brooks and George Fuller, with total commitments exceeding $41 million.
St. Paul’s Square Senior Living will take its place in Adriatica Village, a development modeled after the fishing village of Supetar on the Island of Brac on the coast of Croatia. Work began eight years ago on the initial stages of the development, which included structured parking, a chapel surrounded by water, single-family homes and condominiums, retail stores, restaurants, medical offices and a weekly farmer’s market under a 128-foot tall bell tower. One of the newest additions includes “The Guitar Sanctuary”, owned and operated by a principal of this project. The village was designed so that residents can leave their cars at home on evenings and weekends while they enjoy a European-style shopping or dining experience.
The new apartment addition, which is being funded by FHA financing secured by Love Funding Senior Director Laura Saull-Smith, will be a four-story, mid-rise apartment community with 121 units, all restricted to those aged 62 and older. The project will also feature a small percentage of commercial space comprised of 35 individual office suites. This is the second project within the Adriatica community that was insured using the HUD 221(d)(4) loan program through Saull-Smith at Love Funding.
“The success of the first phase of this unique development has really paved the way for what is coming next,” said Saull-Smith. “Just five months after completing the market rate apartments, they are already up to 50% leased, which is way ahead of schedule. Just walking around the town center makes you understand why people want to live here, and with so many price points available to them, they can.”
Prior to commencing construction of the initial retail, bell tower and chapel projects in 2010, the development team visited Supetar in order to meet with Croatian officials and learn how to replicate the stone construction methods used when the village was originally settled in 1577. The development team has since been contacted by Croatian President Ivo Josipović, who has expressed interest in the project and has invited HUD staff to visit Croatia and tour Supetar.
“The communication from Love Funding was fantastic in the processing of both financing packages,” said George Fuller of Himalayan Ventures, one of the development partners. “Like the project itself, Laura is one of a kind. I couldn’t imagine working with anyone else.”