Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $13.1 million loan refinancing for Canyon Bluffs Apartments, a 192-unit market-rate apartment community in Spokane, Washington.
Love Funding Director Christopher Schilling of the New York office secured the financing through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan program. The program enabled the property’s owners to lower the interest rate and extend the loan back to a 40-year term. The 223(a)(7) program allows up to 12 years to be added to the remaining term on existing HUD-insured loans, as long as it does not exceed the original term.
Love Funding provided the financing for the original construction loan when the project was built in 2005. As part of the current transaction, the company was able to help the borrower cover a portion of the prepayment penalty on the original loan and still produce roughly $200,000 in annual debt service savings.
For more information, contact Christopher Schilling.