Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $19.7 million loan for the construction of The Paddock at Grandview, a new 240-unit affordable apartment community in Nashville, Tennessee.
Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Funding was also provided by 4 percent low-income housing tax credits (LIHTCs) and HOME funds, which were awarded by the Metropolitan Development and Housing Agency.
All of the residential units at The Paddock at Grandview will be reserved for families earning 60 percent or less of the area median income. The property will include 10 three-story residential buildings, a one-story clubhouse and on-site surface parking.
The project’s development is being led by LDG Development, a firm founded in 1994 that has been acquiring, developing and managing apartments ever since in a region comprising Virginia, Indiana, Kentucky, Louisiana and Texas. LDG’s experience includes 31 projects utilizing tax-exempt bonds and LIHTCs. The apartments would be the company’s first in Nashville.
“Love Funding’s experienced and knowledgeable staff were an incredible asset in working with HUD to close on our loan,” said Chris Dischinger, principal at LDG. “They were instrumental in helping us secure long-term, fixed-rate financing for a flagship deal in the heart of Nashville.”
For more information, contact Bruce Gerhart at (216) 583-0812.