CARBONDALE, Ill. — Love Funding, a lender specializing in HUD loans, has closed an $11.3 million bridge loan for Landings of Carbondale, a 92-unit assisted living and memory care community under development in the southern Illinois city of Carbondale.
The loan will fund the transition from construction to permanent financing. Landings of Carbondale will be built on a 6.5-acre site on the northeast side of Carbondale.
Fricke Management is developing the site, which The Landings of Carbondale LLC will own. Once completed, Revere Healthcare will operate the community.
Love Funding’s Robyn Cunningham, senior director, and Adrian Hartman, director, secured the financing through Midland States Bank.