Dealmaker: Love Funding Secures $30M in Arizona, Missouri
Love Funding, Washington, D.C., closed two FHA loans totaling $30.3 million for properties in Peoria, Ariz. and Ferguson, Mo.
The firm secured a $15 million FHA bridge loan for Agua Fria Senior Living, a proposed senior care facility in Peoria. Once constructed, the facility will have 32 units dedicated for assisted living and 58 for memory care.
Love Funding Senior Director Robyn Cunningham and Director Adrian Hartman originated the loan, which Midland States Bank funded. Cunningham said using the FHA bridge loan enabled development team Agua Fria Senior Living LLC to break ground quickly and will allow them to obtain a permanent non-recourse loan at a fixed long-term rate after the project stabilizes.
“Multifamily and healthcare owners often face timing and other constraints that don’t align with HUD’s application process,” said Love Funding Senior Vice President of Business Development Jonathan Camps. “The bridge loan platform buys them the time they need to get shovels in the ground, address expiring debt or purchase contracts and otherwise stay ahead of the market.”
Love Funding also secured $15.3 million to refinance Christian Care Home, an assisted living and skilled nursing senior community in Ferguson. Cunningham and Hartman secured the financing through HUD’s 232/223(a)(7) LEAN loan insurance program.
“This is the second time in less than three years that Love Funding has refinanced the property’s debt, the last transaction occurring in 2013,” Cunningham said. “Love originally financed the construction of the facility under the Section 232 program in June 2009.”
Christian Care Home, which offers 178 beds in 92 units, is owned by Christian Woman’s Benevolent Association, a non-profit corporation formed in 1911 to care for impoverished mothers and their babies.
