Love Funding recently closed five loans totaling $97 million for five multifamily communities in the Midwest. Love Funding Midwest Regional Director Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s multifamily loan insurance programs. The programs provide non-recourse, low-rate, long-term financing for the construction, substantial rehabilitation or refinancing of affordable or market-rate apartment projects across the United States.
The properties included in the recent transactions are: Manchester, a new market-rate apartment community in the Detroit suburb of Novi that will add 172 units; Encore Townhomes, a new market-rate townhouse community being developed in Utica, Michigan; Danbury Park Manor, an existing, 151-unit Section 8 multifamily community in Superior Township, Michigan; as well as two senior resident Section 8 multifamily communities in Illinois.
For more information, contact Bruce Gerhart at (216) 583-0812.