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Senior Living Facility Finds Love Funding

PEORIA, AZ—Using a $15-million FHA bridge loan for the construction and mini-perm financing enabled the development team to break ground quickly and allow a permanent loan after construction.

By Lisa Brown | lisabrown | Updated on April 11, 2016

Agua Fria A bridge loan for a senior facility allowed it to break ground quickly.

PEORIA, AZ—Once constructed, Agua Fria Senior Living will have 90 units, with 32 units dedicated for assisted living and 58 for memory care. Using a $15-million FHA bridge loan for the construction and mini-perm financing enabled the development team, Agua Fria Senior Living LLC, to break ground quickly. It will also pave the way to obtain a permanent non-recourse loan at a low, fixed long-term rate after construction is completed and the project is stabilized.

The loan was originated by Love Funding senior director Robyn Cunningham and director Adrian Hartman, with funding provided by Midland States Bank, the parent company of Love Funding. Love Funding introduced the bridge loan platform in May 2015 as a means for providing interim funding support for acquisition and refinancing applications on US Department of Housing and Urban Development multifamily and healthcare loans. The platform was later expanded to include tax credit equity bridge loans, and conventional financing for multifamily and healthcare new construction.

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