Dealmaker: Love Funding Secures $27M for Assisted Living, Multifamily Assets

Love Funding, Washington, D.C., closed a $20.1 million bridge loan for construction and mini-permanent financing of Baxter Senior Living, a new assisted living facility in Anchorage, Alaska.

When completed, Baxter Senior Living will offer 63 private assisted living units and 33 memory care units in Anchorage’s U-Med district less than two miles from three hospitals.

“There is a huge demand for a new, high-quality assisted living community in Anchorage,” said Baxter Senior Living President JR Wilcox. “For too long, Alaskans and their families have had to look to the lower 48 to find senior living communities which fully met their needs.”

Love Funding Senior Director Holly Bray secured the financing from Love Funding parent company Midland States Bank, Effingham, Ill. First National Bank Alaska also participated. Bray said the loan will help the borrower move forward with the project before it obtains long-term financing through HUD’s Section 232/223(f) program. “Our bridge construction loan means construction will not be delayed and can proceed throughout the winter months, resulting in delivery of the completed project sometime next summer,” she said.

The firm also closed a $6.4 million loan that refinanced market-rate multifamily community Ashley Park Apartments in Thomasville, Ga.

Ashley Park Apartments is a four-story elevator complex offering 84 one-, two- and three-bedroom units with high-end finishes and community amenities including a pool, dog park and parking deck. The site consists of seven acres subdivided from a 25.6 acre parcel at closing. The property was originally constructed in 2012 in a mixed residential commercial neighborhood.

Love Funding Senior Director Tammy Tate secured the loan through HUD’s 223(f) loan insurance program, which provided the development team with long-term non-recourse financing to pay off an existing loan and fund some minor repairs to the property.