Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of 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 will provide much-needed housing for U.S. veterans.
Love Funding Senior Director Laura Saull-Smith of the Washington office 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.
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 will give veterans priority admission for 80 percent of available units, in addition to a 10 percent discount off of estimated market rental rates. Once completed, the facility will have 86 units and 102 licensed beds. Veterans who reside there will be able to take advantage of the Veterans Association Clinic, which is adjacent to the property.
“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 led by Laura 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.”