Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $14.5 million loan for the construction and permanent financing of The Boulevard, a planned market-rate apartment complex in San Angelo, Texas.
Love Funding Director Chad Ricks of the Dallas office secured the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Utilizing the program enabled the property’s owner to obtain a fully amortizing loan with a low fixed interest rate for the initial 16-month construction period followed by a 40-year term.

The Boulevard is the latest multifamily project created by NE Development, which was founded in 2009 to develop sustainable apartment communities throughout the country. Once completed, The Boulevard will offer 198 market-rate apartment units in six separate two-story buildings. Amenities will include a state-of-the-art clubhouse, business center and fitness center.
“Love Funding and Chad Ricks answered the call – their dedication, thoroughness, and responsiveness, along with HUD relationships, is why we will do business with them again,” said Charlie Nicholas of NE Development.
For more information, contact Chad Ricks.