ARNOLD, Mo. — Love Funding has provided a $12.9 million FHA loan for The Woodlands of Arnold, an assisted living, memory care and skilled nursing complex in Arnold.
The loan will replace bridge financing on the property. The Woodlands of Arnold is part of a larger healthcare campus, offering a full continuum of care including independent living, assisted living, memory care and skilled nursing. The subject credit facility included financing for a 178-bed skilled nursing facility and a 24-unit assisted living facility that is being converted into a memory care facility.
Midland States Bank provided the original bridge loan for the undisclosed borrower. Eric Forguson of Love Funding arranged the non-recourse, 35-year HUD loan.
The usual debt-seasoning requirement was not needed for the HUD loan, as the bridge funding represented less than 70 percent loan-to-value ratio, more than half of the proceeds were used for project purposes and a third-party appraisal showed stabilized cash flow at the property.