By Brad Stanhope
February 8, 2017
Planning for the West 25th Street Lofts, an 83-luxury apartment complex with a commercial component, began in 2008. It is open, thanks in large part to state and federal historic tax credit (HTC) equity and a HUD 221(d)(4) loan guarantee. Those financial tools helped overcome the Great Recession, a landmark historic tax credit ruling and other issues faced by the developers in the now-chic Ohio City neighborhood.
The building has 83 historic apartment lofts with modern amenities. “It’s good to see it come to fruition and see the way you envisioned things do in fact materialize,” said Rick Foran, the owner of Foran Group Development and co-developer with Chris Smythe of Smythe Property Advisors. “It’s as good as we thought and maybe better.”
Love Funding Secures $10.2 Million Loan for Refinancing of Two Apartment Communities in North Carolina
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of $10.2 million in loans to refinance the Bluffs at Northwoods and Cannon Place Apartments, two apartment communities located in North Carolina.
The Bluffs at Northwoods is a 176-unit market rate development located in Gastonia, North Carolina. It is an amenity-rich community with 42 one-bedroom units and 134 two-bedroom units housed in 16 two- and three-story apartment buildings. Cannon Place Apartments, located in Graham, North Carolina, is a 74-unit affordable property consisting of 50 two-bedroom units, and 24 three-bedroom units in 9 two-story apartment buildings.
Love Funding Secures $26.3 Million Loan for Construction of Overlook at Prestonwood in Carrollton, Texas
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $26.3 million loan for the construction and permanent financing of Overlook at Prestonwood, a new senior apartment community under development in Carrollton, Texas.
Overlook at Prestonwood will offer 183 age-restricted apartment units in one four-story building and five stand-alone cottages on 5.5 acres of land located in the heart of the Dallas-Fort Worth area. The one-, two- and three-bedroom units will be outfitted with ENERGY STAR appliances, low energy windows and other efficient utility systems. The main building will also house a clubhouse and other amenities.
Love Funding closed $51.2 million in loans to refinance four mixed-income apartment communities in Texas, three of which are age-restricted.
The four properties being refinanced are Villas in the Pines, Villas at Pine Lake and Villas on Woodforest in Houston; and Villas by the Lake in Ft. Worth. The properties offer a total of 908 apartment units built between 1998 and 2001 with the assistance of low-income housing tax credits (LIHTCs). All four communities are owned by related entities of The Wentwood Companies and managed by Westlake Housing, both based in Austin. (more…)
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $74.4 million loan refinancing for Meadows Regional Medical Center in Vidalia, Georgia.
Love Funding Senior Director of Hospital Finance Steven Hunt secured the loan through the U.S. Department of Housing and Urban Development’s 242/223(a)(7) loan insurance program. Using the program enabled the hospital’s owners – Toombs County Hospital Authority – to cut the interest rate by more than half, saving the hospital $1,541,042 a year in debt-service costs, or more than $30 million over the life of the loan.
Love Funding Secures $75.3 Million in Loans for Refinancing of Affordable Apartment Communities in New Jersey
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of $75.3 million in loans to refinance Parkview Towers and Clock Tower Apartments, two affordable apartment communities under the same ownership team in New Jersey.
Parkview Towers is a 688-unit development in West New York, New Jersey. It houses 684 Section 8 apartments and four market-rate units in two 24-story apartment buildings originally built in 1974. Clock Tower Apartments, located in Hoboken, is a six-story apartment building last renovated in 1976. Of the 173 units, 90 are market-rate, 68 receive project-based Section 8 rental assistance, and 14 are special voucher units.
Love Funding Secures $6.63 Million Bridge Loan to Aid Construction of a New Assisted Living Center in Ogden, Utah
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $6.63 million bridge loan for the construction of a new assisted living and memory care center in Ogden, Utah.
Shadow Valley Assisted Living and Memory Care, which will offer 62 beds once construction is completed, is being developed by Giza Development of Bountiful, Utah. The bridge financing was secured by Love Funding Senior Director James Vanar of the Los Angeles office, with funding provided by Midland States Bank, the parent company of Love Funding.
Love Funding Secures $19.7 Million in Financing for the Construction of Affordable Apartments in Nashville, TN
Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $19.7 million loan for the construction of The Paddock at Grandview, a new 240-unit affordable apartment community in Nashville, Tennessee.
Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Funding was also provided by 4 percent low-income housing tax credits (LIHTCs) and HOME funds, which were awarded by the Metropolitan Development and Housing Agency.