The Real Deal Miami

Assisted-living project gets $17.8M in FHA financing

Love Funding secured the non-recourse financing for the proposed project in Englewood

April 16, 2016 12:15PM

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Tammy Tate of Love Funding

Tammy Tate of Love Funding

Love Funding, a provider of FHA-insured development financing, announced the closing of the $17.8 million construction loan and permanent financing for an assisted-living facility in Englewood. Love Funding senior director Tammy Tate secured the financing for the proposed Englewood development, Heritage Oaks Assisted Living and Memory Care.

She arranged the low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term.

Tate secured the financing through the U.S. Department of Housing and Urban Development’s Section 232 loan insurance program on behalf of the Heritage Oaks development team.

Heritage Oak is designed with 126 assisted-living beds in 118 units, including 94 traditional assisted-living beds in 86 units, and 32 memory care units.

The facility would be housed in a two-story building on a 10-acre site, part of a 60-acre senior living campus. The development team has phase-two plans to build independent senior living facilities on land adjacent to the Heritage Oaks site.

The development team includes CDH Partners of Marietta, Georgia, the design architect for Heritage Oaks, and Core Construction Services of University Park, Florida, which will handle the building phase of the project. The property manager will be Beacon Communities Inc., a senior housing management company.

Washington, D.C.-based Love Funding is a subsidiary of Midland States Bank, a community bank based in Effingham, Illinois.