Love Funding arranged a $7.9 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new apartment community built with modular units in Newark, NJ. (more…)
Love Funding Secures $40.6 Million Loan for Construction of Upscale Apartment Community in Fort Myers, Florida
Love Funding closed a $40.6 million loan to the developer, Tampa-based Aileron Investment Management, for the construction and permanent financing of Grand Central Apartments, an upscale market-rate multifamily community in Fort Myers, Florida.
Grand Central Apartments will consist of two four-story elevator buildings and two three-story walk-up buildings, comprised of 280 one- and two-bedroom luxury-appointed units and high-end community amenities. The property is located within the Cleveland Avenue Redevelopment Area, which the city has targeted for commercial and mixed-use development. (more…)
Love Funding Secures $26.3 Million Loan for Construction of Market Rate Apartment Community in Waxahachie, TX
Love Funding closed a $26.3 million loan for the construction and permanent financing of Garden Valley Apartments, a market-rate multifamily community in Waxahachie, Texas, a suburb of Dallas. Garden Valley will consist of eight three-story walk-up buildings with 213 one- and two-bedroom units and high-end finishes and amenities including a resort-style pool and attached garages. The project design received a Statement of Energy Design Intent (SEDI) score of 90 out of 100 and will meet the Green MIP requirements through the National Green Building Standard Program, affording the project the benefit of the lower mortgage insurance premium rate of 25 basis points. (more…)
Love Funding closed a $7 million loan for the refinance and rehabilitation of Central Towers Apartments, an affordable senior community in southwest Detroit, Michigan. Central Towers consists of 232 one-bedroom and two-bedroom apartments in two high-rise buildings. All but two of the units are currently covered by a Section 8 housing assistance payment (HAP) to help subsidize rents, and the borrower renewed their Section 8 contract as part of the transaction. The two remaining units are low-income housing tax credits (LIHTC) restricted at 60 percent AMI. (more…)
Love Funding Secures $14.4 Million Loan for Refinance of Mixed-Income, Age-Restricted Villa Community in North Richland Hills, TX
Love Funding closed a $14.4 million loan for the refinance and permanent financing of the Villas on Bear Creek, an age-restricted affordable rental community in North Richland Hills, TX. The Villas on Bear Creek offer 240 mixed-income, one- and two-bedroom units located in five three-story elevator buildings. The units are restricted to those 60 years and older, and 180 are affordable. The community is located in North Richland Hills, near Fort Worth, and includes a two-story clubhouse and other amenities. Villas on Bear Creek was constructed in 2000 with the assistance of low-income housing tax credits (LIHTCs). (more…)
Love Funding closed three loans totaling $9.61 million for the refinancing of a group of affordable rental communities in California that are backed by low-income housing tax credits (LIHTCs). The three properties being refinanced are Comfrey Senior Apartments and Hudson Bay Apartments in Galt; and Shadowbrook Apartments in Redding. Comfrey Senior Apartments serves mixed-income seniors 55 and older, and Hudson Bay and Shadowbrook offer affordable units. (more…)
Love Funding closed a $24.2 million FHA-insured loan to provide construction and permanent financing for Moon Meadows Apartments, a market-rate apartment complex in Rapid City, South Dakota. The new community will offer 160 one-, two- and three-bedroom units in eight three-story garden-style buildings in the growing Rapid City Metropolitan Statistical Area (MSA). It will offer high-end amenities including climate-controlled hallways linking garages to unit entrances, a unique feature to provide protection during the Rapid City winters.
Love Funding closed a $13.7 million loan for the construction and permanent financing of the second phase of Outlook Ridge, a market-rate multifamily community in Pueblo, Colorado. The new construction will consist of five three-story garden style buildings joining five similar apartment buildings constructed during the first phase of development in 2014. The new buildings will house one-, two- and three-bedroom apartments, and all 10 buildings will share high-end community amenities. (more…)
Love Funding closed a $15.9 million loan for the acquisition and substantial rehabilitation of Ivy Tower, an affordable multifamily community in Newport News, Virginia. Ivy Tower is a 12-story high-rise comprised of 92 one-bedroom and 48 two-bedroom units located in the East End neighborhood of Newport News, bordering the Chesapeake Bay. All 140 units will be restricted to those earning less than 60 percent of the area median income (AMI) under the Low-Income Housing Tax Credit (LIHTC) program. The project also benefits from a Housing Assistance Payments contract. (more…)