Washington, DC – Nov. 17, 2011 – Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $9.33 million loan refinancing for Wellington Place Apartments – Phase II, a 124-unit apartment and townhome community in Champaign, Illinois.
Love Funding Vice President and Loan Originator Jon Wagenknecht of the Chicago 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 lock in a low interest rate for a 35-year term, generating approximately $25,000 per month in debt service savings.

The subject property – which includes 13 two-story apartment buildings, four two-story townhome buildings with basements and a one-story clubhouse/leasing office – was built between 2005 and 2010. The borrower was unable to obtain conventional financing due to the ongoing freeze in capital markets. This fact contributed to HUD’s decision to waive an agency rule barring it from insuring long-term financing for properties less than three years old.
“Love Funding did a nice job analyzing the project prior to application, coordinating the collection of documents and then working with HUD to close the loan,” said Wellington Place LLC Principal Darren Rogers. “We are currently working with Love Funding to pursue financing for various other projects through HUD as a result of this experience.”
For more information, contact Jon Wagenknecht.