Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $13.6 million refinancing loan for Sunset Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles, California.
The financing was secured by Senior Director Artin Anvar of Love Funding’s Washington, D.C. office through the U.S. Department of Housing and Urban Development’s Section 223(f) loan insurance program. Using the program enabled the borrower to lock in a low, fixed interest rate and allowed Sunset Normandie to take a significant amount of equity from the loan.
Sunset Normandie Towers has completed several improvements since its construction in 1979, and remains one of the few affordable multifamily properties in the East Hollywood market. The current wait period for a unit in the property is 4.5 years.
“Extending this loan with a low long term fixed rate allows for the flexibility needed to make additional improvements,” Anvar said. “With little development of multifamily properties in the East Hollywood market over the last decade, preserving this property is important, especially to seniors in need of affordable housing.”
“We were very pleased at how Artin handled this challenging transaction and his ongoing energy to keep the loan process moving,” said Mitchell H. Hersch on behalf of the General Partner of Sunset Normandie Towers, Ltd. “His professionalism and knowledge of process was a value added to our refinance.”
Sunset Normandie Towers has been managed by SK Management Company for 24 years. The company’s executives have significant experience in managing and preserving subsidized housing.
For more information, contact Artin Anvar at (202) 887-0435.