Gerhart Smallwood Refinance LoanLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $6.14 million loan refinancing for Capitol Commons, a market-rate apartment community in Lansing, Michigan.
Bruce Gerhart and Robert Smallwood of Love Funding’s Cleveland office secured the loans through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan insurance program. Using the program enabled the borrower to lock in a low, fixed interest rate and extend the loan back to its original 30-year term, generating significant debt service savings.

Capitol Commons was built in 1982 using financing secured through HUD’s 221(d)(4) loan insurance program for new construction projects. The property consists of four three-story apartment buildings and 11 two-story townhouses, offering a total of 146 market-rate units. The mortgagor is EJS/Capitol Commons LP, and the management agent is First Housing Corp.
For more information, contact Bruce Gerhart at (216) 583-0812 or Robert Smallwood at (216) 583-0791.