LUTZ, FL-Palm Health Partners has received a commitment from HUD for construction financing for two skilled nursing and assisted living facilities. The two construction loans total $45.7 million, roughly 80% of the projects’ loan-to-cost.

The total price tag for the two projects is about $63 million, according to Joshua Hausfeld, vice president and loan originator in Love Funding’s Washington D.C. office. He obtained both loans on Palm Health Partners’ behalf.

Hausfeld arranged the loans through HUD’s section 232 program for healthcare facilities. The transactions were among the first construction loans to close under HUD’s LEAN program, and to accommodate the lengthy approval process, he arranged for the borrower to receive early start authorizations for both projects, which allowed West Palm Beach, FL-based Palm Health Partners to complete the required site, foundation and utility work for the project prior to closing.