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Love Funding closes on $20M construction loan for assisted living project

Love Funding, a provider of FHA multifamily, affordable and healthcare financing, closed $19.7 million loan for the construction and permanent financing of Anthem Lakes, a new assisted living community under development in Jacksonville, Florida.

Photo courtesy of Flickr
Photo courtesy of Flickr

Anthem Lakes will offer 117 licensed beds, of which 34 will be designated for memory care and 83 for assisted living. An additional 20 units are reserved for independent living.

The facility will be situated on 14.5 acres in an area of Jacksonville, Florida known as The Beaches.

The senior housing community is located next to the Mayport Naval Base and Air Station and will serve the large veteran community of Duval County.

The financing was secured by Love Funding senior director Robyn Cunningham and director Adrian Hartman through the U.S. Department of Housing and Urban Development’s Section 232 loan insurance program for healthcare facilities.

The HUD program provided the development team with low-rate, non-recourse financing for a 15-month construction period and for a subsequent 40-year term.

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