Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of four loans totaling $6.25 million to help refinance the debt on a group of market-rate apartment communities in Denver.
The refinanced properties are The Nobles Apartments on South Albion Street (24 units), 4101 E. Iowa Apartments (12 units), 1520 S. Albion Apartments (23 units), and 156 W. Ellsworth Apartments (12 units). All four properties are managed by Johnson Properties Management Company and share members of the same ownership group.
Love Funding Senior Director Peter Wessel secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The program helps preserve moderate income workforce housing by insuring against default loans used to purchase or refinance existing apartment properties. The non-recourse nature of the loans allows owners and developers to lock in low interest rates for terms up to 35 years.
For more information, contact Peter Wessel at (303) 777-5016.