PEORIA, Ariz. — Love Funding, a lender based in Washington, D.C., has arranged a $15 million FHA bridge loan for the construction and financing of Agua Fria Senior Living, a 90-unit assisted living and memory care community in the Phoenix suburb of Peoria.
The private-pay community will feature 32 units of assisted living and 58 units of memory care.
Robyn Cunningham, senior director, and Adrian Hartman, director, arranged the financing. Love Funding’s parent company, Midland States Bank, provided the capital.
The closing of the Agua Fria loan caps the first year for Love Funding’s bridge-loan program, which saw the company finance nearly $60 million in bridge loans.