Love Funding, one of the nation’s leading providers of multifamily housing loans, announced the closing of an $1.1 million loan refinancing for Chenana Apartments, a 52-unit fully subsidized affordable apartment community in Fairbanks, Alaska.

Love Funding Director Chris Schilling of the New York office arranged the loan through the Federal Housing Administration’s 223(a)(7) loan insurance program. Utilizing FHA financing enabled the property’s owner to lock in a low fixed interest rate for a 21-year term and partially repay direct HUD loans that were previously taken out as part of the market-to-market restructuring program. The owner was able to generate more than $2,400 in annual debt service savings through this transaction.