Love Funding Secures $16.4M Loan for Seniors Housing Development in Metro Dallas

MCKINNEY, TEXAS — Love Funding (LFC) has secured a $16.4 million loan for the construction and financing of a new seniors housing community in McKinney. This is the second loan LFC and its local Dallas associate, Warsaw Realty Group, have provided in this community to partners David Brooks and George Fuller. St. Paul’s Square Senior Living will open in Adriatica Village. Work began eight years ago on the initial stages of the development, which included structured parking, a chapel surrounded by water, single-family homes and condominiums, retail stores, restaurants, medical offices and a weekly farmer’s market under a 128-foot tall bell tower. The village was designed so that residents can leave their cars at home on evenings and weekends. The new apartment addition, which is being funded by FHA financing secured by Love Funding senior director Laura Saull-Smith, will be a four-story, mid-rise apartment community with 121 units, all restricted to those aged 62 and older.