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.
Love Funding Senior Director Leonard A. Lucas of the Boston office obtained the bridge loan from Love Funding’s parent company, Midland States Bank. The bridge financing was needed because the timing of the FHA construction financing did not fit the borrower’s development timeframe. Love Funding’s affiliation with Midland helped keep the financing costs down, despite the very short-term nature of the bridge loan.
“Our relationship with Midland States Bank allowed us to quickly meet the borrower’s immediate needs for construction financing so they can get this project underway,” commented Lucas. “We are especially grateful to HFF Director David Fasano for presenting this opportunity, and we look forward to working together on future projects.”
Love Funding introduced the bridge loan platform in May 2015 as a means for providing interim funding support for acquisition and refinancing applications on HUD multifamily and healthcare loans. The platform was later expanded to include tax credit equity bridge loans, and construction/mini-perm financing for multifamily and healthcare development.