Leonard Lucas of Love Funding closed a $10.5 million bridge-to-HUD construction loan for a transitional rehab facility in Yuma, Arizona. The new facility will have 32,000 square feet and 41 private rooms. It will be 100% Medicare and managed care with no Medicaid patients.
The bridge loan was placed with Love Funding’s parent company, Midland States Bank. This is the second bridge-to-HUD construction loan obtained through Love Funding in the developer/operator’s portfolio.