Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $11.3 million bridge loan to help fund the transition from construction to permanent financing for a new assisted living and memory care center under development in Carbondale, Illinois.
Once finished, Landings of Carbondale will house 92 units and sit on a 6.5 acre site on the northeast side of Carbondale. The facility will be owned by The Landings of Carbondale, LLC , is being developed by Fricke Management and managed by Revere Healthcare.
The bridge financing was secured by Love Funding Senior Director Robyn Cunningham and Director Adrian Hartman. Love Funding introduced the bridge platform earlier this year to provide interim funding support for acquisition and refinancing applications on HUD multifamily and healthcare loans. Love Funding then expanded the platform to provide construction and mini-perm financing for multifamily and healthcare projects ahead of the long-term, permanent financing with a HUD loan.
The program will enable the borrowers to transition from a construction loan provided by Midland States Bank to long-term financing three years after completion of the facility. Midland States Bank bought Love Funding and its parent company, Heartland Bank, at the close of 2014. The acquisition gave Love Funding access to additional capital and paved the way for financing partnerships such as the one involved in this transaction. The permanent loan will be secured by Love Funding through HUD’s 232/223(f) loan program.
Trace B. Brown, facility co-owner, said “We live in a great area here in Southern Illinois and we wanted to offer a new community for seniors to enjoy it. We worked on the idea of bringing a new assisted living community to the area for a couple years but when we began working with Midland States Bank and Love Funding, the process moved very fast and efficiently.”