Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.91 million loan refinancing for Fieldstone Townhomes, a 96-unit market-rate townhome community in Bryant, Arkansas.
Love Funding Director Dana Blair of the Tampa office secured the financing through the U.S. Department of Housing and Urban Development’s 207/223(f) loan program. The program enabled the property’s owner to lock in a low, fixed interest rate over a 35-year term, generating $106,000 in annual debt service savings.
The borrower, Fieldstone LLC, purchased the property in September 2011 using conventional financing. HUD’s 207/223(f) loan program allows for the purchase or refinancing of existing multifamily rental housing that was originally financed with conventional or FHA-insured mortgages.
For more information, contact Dana Blair.