Bridge

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Love Funding Secures $10.5 Million Bridge-to-HUD Construction Loan

Love Funding Secures $10.5 Million Bridge-to-HUD Construction Loan for Transitional Rehabilitation Facility

Love Funding obtained a $10.5 million bridge-to-HUD construction loan for a transitional rehabilitation facility in Yuma, Arizona. The 32,000 sq. ft., state-of-the-art facility will offer 100% Medicare and managed care beds and will provide the community with 41 private studios featuring top-of-the-line amenities. (more…)

2019-03-29T15:44:28+00:00 Love Funding News|

Alaska Assisted Living Construction Loan

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.

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2018-11-20T21:57:48+00:00 Love Funding News|

Market-Rate Construction Bridge Loan

Love Funding closed a $22 million FHA bridge loan to build Preserve at Mountain Island, a new market-rate apartment complex in Charlotte, North Carolina. The new community will offer 240 one-, two- and three-bedroom units in 15 buildings in the northwest Charlotte suburb of Mountain Island. The area is named for a small island in Mountain Island Lake that once housed a cotton mill and now serves as a recreation and camping attraction. Preserve at Mountain Island will offer boat storage among other high end amenities. (more…)

2018-01-02T20:14:34+00:00 Relevant Experience|

Bridge Financing for Memory Care Construction

Love Funding closed a $7.9 million bridge loan used to build a new 46-bed memory care center in Las Vegas. The new facility will be built adjacent to Welbrook Transitional Rehabilitation in the Centennial Hills neighborhood. The existing facility offers rehabilitation services and overnight care for those recovering from an injury, planned surgery or illness. The new facility will help the borrower meet the need for dedicated memory care, the largest growing segment of the senior care market. (more…)

2018-01-02T20:14:31+00:00 Relevant Experience|

Bridge Financing for Apartment Construction

Love Funding, a subsidiary of Midland States Bancorp, Inc. and one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, closed a $13.5 million bridge loan for the construction and mini-permanent financing of Fairhaven Harbor Apartments, a market-rate community in Bellingham, Washington.

Fairhaven Harbor will offer commercial space on the first floor of a five-story building, along with 60 upscale apartments and penthouse units with bay views. There will also be two levels of parking. The community is located in the highly sought-after Urban Village Commercial Core District of Fairhaven and enjoys broad support from local government. The development is being led by Summit Construction Group, Inc., a commercial and residential construction firm with more than 25 years of experience with multifamily and commercial projects in the Bellingham market. (more…)

2017-11-29T21:34:10+00:00 Relevant Experience|

Bridge Financing for Multifamily Acquisition

Love Funding closed two bridge loans totaling $15.2 million for the acquisition and renovation of two market-rate apartment communities in Clayton County, Georgia. The properties involved are Southlake Cove Apartments, a 346-unit community in Jonesboro, and Vineyard Point Apartments, a 108-unit community in Riverdale. They are being acquired by ownership groups led by Paul D. McMaster, a property management and investment professional with nearly three decades of experience.

The bridge financing was secured by Love Funding Senior Vice President Jonathan Camps, with funding provided by Love Funding’s parent company, Midland States Bank. Going directly through the U.S. Department of Housing and Urban Development (HUD) would have delayed the acquisition and extended it beyond the seller’s timeframe. The bridge loan enabled the buyers to act quickly, and needed repairs identified through the underwriting will help streamline the process for obtaining permanent HUD financing. Love Funding began underwriting the HUD applications immediately upon the closing the bridge loans. (more…)

2017-08-15T17:51:04+00:00 Relevant Experience|
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