ENGLEWOOD, Fla. — Love Funding, a Washington, D.C.-based lender, has provided a $17.8 million construction loan to build Heritage Oaks Assisted Living and Memory Care, a 118-unit community in Englewood, located between Tampa and Fort Myers.
Tammy Tate, a senior director for Love Funding, secured the non-recourse financing through the HUD 232 program. The loan has a 40-year term.
Heritage Oaks will include 86 assisted living units and 32 memory care units in a two-story building. The initial 10-acre site will be part of a larger 60-acre campus. Phase II of development will add independent living to the community.
Georgia-based CDH Partners is design architect for the project, which Florida-based Core Construction Services will build. When complete, Beacon Communities will operate the community. No timeline for construction was disclosed.