THURSDAY, JUNE 18, 2009

Love Funding arranges $10 million equity placement for memory care facilities

by Illinois Real Estate Journal Reports
Illinois

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: Steve Lirtzman and Steve Kaufman, known for their work in developing the Grand Victorian properties, and Doug Ellison, formerly of the Wilkinson Corporation. Tricom/Senescent 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.

Lucas joined Love Funding's Boston office in 1998. He originates direct loans for Love Funding in its capacity as an FHA MAP/LEAN lender. Lucas is a member of the Massachusetts Bar Association. He holds a J.D. from the New England School of Law and an A.B. (economics) from Kenyon College.

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