Mortgage-banking firm Love Funding has arranged a $10 million equity placement for the development of 10 memory care facilities in Illinois. Leonard Lucas, a Love Funding first vice president and senior originator based in Boston, originated the transaction.

Lucas represented Tricom Development LLC and its operator, Senescent Healthcare of Illinois, in their search for an equity partner. Tricom/Senescent is comprised of three experienced Illinois assisted living developer/operators and will use the equity funding arranged by Love Funding to develop up to 10 assisted-living facilities devoted to the care of memory impaired residents.

Tricom/Senescent recently closed a construction loan for the first of the 10 facilities.This facility is under construction in Loves Park, Ill. and will contain 40 units. The companies are planning to close on a construction loan for a second facility in Sycamore, Ill. in June.

Hub Office Arranges Equity For Illinois Elderly Care Facilities

by Banker & Tradesman time to read: 1 min
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