ODGEN, Utah — Love Funding, a lender based in Washington, D.C., has arranged a $6.6 million bridge loan for the construction of Shadow Valley Assisted Living and Memory Care, a 62-bed community in Ogden, approximately 35 miles north of Salt Lake City.
Local developer Giza Development is building the community. The financing will allow Giza to start construction more quickly than a HUD-insured loan. Giza plans to convert the financing to a permanent HUD loan after three years.
James Vanar of Love Funding’s Los Angeles office arranged the loan. Midland States Bank, which is Love Funding’s parent company, will provide the capital.