Perspectives.psdLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.51 million construction-to-permanent loan for Cedarhurst of Edwardsville, a new assisted living facility under development in Edwardsville, Illinois.
Love Funding Senior Director Robyn Cunningham of the St. Louis office, together with Director Adrian Hartman, secured the financing through the U.S. Department of Housing and Urban Development’s Section 232 loan insurance program for the new construction or substantial rehabilitation of assisted living, memory care and intermediate or skilled nursing facilities. Using the program enabled the borrowers to lock in a fixed, low-rate, non-recourse loan for a 40-year term once construction is completed.

Cedarhurst at Edwardsville will offer 54 beds with a sole focus on providing memory care for patients afflicted with Alzheimer’s disease. The key principal involved in the project is Joshua R. Jennings, a University of Illinois graduate who founded and became president of Metro Asset Group LLC. Through the company, Mr. Jennings is the developer and operator of two completed assisted living centers in Shiloh and Collinsville, Illinois, and he has four other facilities under development.
Earlier this month, Cunningham and Hartman teamed up to close a $4.74 million loan refinancing for Heritage Assisted Living in Yukon, Oklahoma.
For more information, contact Robyn Cunningham at (314) 512-7955 or Adrian Hartman at (314) 512-8736.