Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of three loans totaling $8.59 million to refinance the debt on a group of age-restricted, Section 8 apartments in Haslett, Michigan.
The three communities involved are part of the same development – Grange Acres – and were built in different phases from 1972 to 1982. Added up, they have 363 apartment units for low-income residents, the vast majority of which are restricted to those aged 62 and older. The apartment buildings underwent extensive renovations under a green retrofit program in 2009 and 2010. The properties are owned by Grange Acres Non-Profit Housing Corporation and managed by First Housing Corporation.
Love Funding Midwest Regional Director Bruce Gerhart secured the loans through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Proceeds from the loans will in part be used to pay for needed repairs and fund replacement reserves.
For more information, contact Bruce Gerhart at (216) 583-0812.