Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $5.62 million loan refinancing for Mayfair Apartments, a 134-unit apartment community in Milwaukee, Wisconsin.
Love Funding Senior Director Jon Wagenknecht of the Chicago office secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan program. Using the program, which insures lenders against loss on debt secured for multifamily rental housing, enabled the borrower obtain a low, fixed interest rate for a 35-year term, generating more than $100,000 in annual interest expense savings.
Mayfair Apartments was built in 1970 and purchased by the current ownership group, Lovers Lane LLC, in June 2007. The owners spent $1.25 million in capital improvements between 2007 and 2008. While the units are defined as market-rate apartments, rents are kept low, adding to the area’s inventory of safe, affordable apartments.
For more information, contact Jon Wagenknecht.