Love Funding closed a $33.3 million loan for the construction and permanent financing of Manchester, a new market-rate apartment community in the Detroit suburb of Novi, Michigan. Manchester will offer 172 large two-bedroom and three-bedroom townhome units with attached garages located in 23 two-story buildings on 19 acres. The development is being built by Fairview Construction, a commercial and residential construction firm with 30 years of experience, including six multifamily projects in Michigan. Manchester was designed by architectural firm Alexander V. Bogaerts & Associates, and will be managed by KMG Prestige, one of Michigan’s largest property management firms.
The financing was secured by Love Funding Midwest Regional Director Bruce Gerhart and the Midwest team of Love Funding through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The mortgage insurance through FHA allows Love Funding to provide low-rate, non-recourse financing for the construction and for a subsequent 40-year term.
Principals of the mortgagor are Michael and Carolina Furnari and James George, real estate developers with decades of combined expertise in the construction, rehabilitation and management of residential and commercial property.