Love Funding recently closed an $8.91 million construction-to-permanent loan for Orchard Park of Odessa, a 97-bed assisted living and memory care center under development in Odessa, Tex.

The loan was secured by Love Funding vice president Joshua Hausfeld through the Department of Housing and Urban Development’s Section 232 New Construction Lean program. The program enables the property’s owners, McFarlin Group and Stroud Development, to lock in a low fixed interest rate for the duration of the construction period and 40-year permanent loan term.

The facility is scheduled to open in late 2012, and upon completion will house 57 assisted living beds, and 40 memory care beds.

McFarlin Group has two other Texas senior communities for which Love Funding has obtained funding through HUD’s 232 program: a $9.22 million loan for Orchard Park of Murphy, and $11.5 million in financing for Orchard Park of McKinney.

“Navigating the HUD process can be overwhelming and Love Funding has proven to be a valuable and experienced partner,” said Dustin Pridmore, Principal of McFarlin Group, in a statement.

Hausfeld used HUD’s new modified firm application for new construction projects, which features a different application process where borrowers can submit architectural plans and other specifications after the initial filing and approval from HUD. This modified application, says Love Funding, “is one way the agency is expediting approval times amid a surge in interest in its loan insurance programs.”

Written by Alyssa Gerace