Washington, DC – Nov. 10, 2011 – Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $4 million loan refinancing for the second phase of Hilltop Apartments, a new market-rate apartment community in Farmington, Missouri.
Love Funding First Vice President and Loan Originator Robyn Cunningham of the St. Louis office secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Utilizing the program enabled the property’s owner to obtain a low interest rate, non-recourse loan with a 35-year term.
In April 2010, Cunningham arranged long-term financing for the first phase of the project, which included 72 market-rate units spread over 4 buildings. The current phase, which comprises 68 units over four buildings, was completed in October 2010. While HUD typically does not extend long-term financing for properties less than three years old, Cunningham was able to secure a waiver to the rule, in part because a freeze in the capital markets prevented the property’s developers from obtaining funding from private sources.
“We truly appreciated all of the effort that went into making this a successful closing,” said Andrew Braxton of Braxton Development. “Robyn and the Love Funding team made this an enjoyable process, and we look forward to working with them again.”
For more information, contact Robyn Cunningham.